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ISLAMABAD: The Federal Board of Revenue (FBR) is planning to impose heavy fines on big retailers, who are found to be involved in issuing non-certified electronic invoices/ receipts to consumers.

Sources informed that the FBR is drafting rules to propose imposition of fine on Tier-1 retailers who are not conducting correct reporting of sales tax to FBR’s electronic system.

The FBR has proposed to impose Rs 0.5 million fine per receipt while the department shall also give a reward of Rs 5,000 to consumers who will report non-certified electronic receipts to tax authorities, sources added.

9,130 big retailers integrated in POS system

Initially, the FBR had prescribed electronic integration of points of sales (POSs) of all Tier-1 retailers of textile, leather sectors to ensure correct reporting of sales by retailers and realization of due tax from them.

The retailers are bound to install a software extension provided by the FBR on their system, which ensures live reporting of sales tax to FBR’s server.

The FBR has specified four categories of Tier 1 retailers which include national or international chain of stores, retailers operating in shopping malls, plazas, or centers, retailers whose cumulative electricity bill during the immediately preceding 12 consecutive months exceeds twelve hundred thousand and a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods.

The FBR had launched the POS invoicing prize scheme in 2022 to promote tax compliance and documentation of the economy. The scheme involved conducting monthly computerised ballots and distributing cash prizes among 10,000 lucky winners.

The FBR had conducted 10 such ballots before suspending the prize scheme in October 2022.

Copyright Business Recorder, 2024

Comments

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Abdul Jabbar Sep 14, 2024 07:57am
How the certified receipt looks like?
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T Sep 14, 2024 08:46am
fbr = failed bureau of revenue.
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Asif Sep 14, 2024 02:10pm
Forgot to mention how to report to FBR for non compliant POS receipt.
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Majid Sep 14, 2024 03:10pm
You just have to fine the retailer and give a percentage of it to the complaint guy. Within 1 month there would a huge tax net increase for fbr.
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Dr Hussain Sep 14, 2024 06:27pm
What FBR and finance ministery do to increase business activities in country. What are the benefits for tax payer if he will get disable for rest of life, what FBR offers if the tax payer get lost.
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Yusuf Sep 15, 2024 07:12am
What was the reason for the suspension of the lottery scheme? Where has all the lottery money gone?
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Parvez Ahmad Sep 15, 2024 07:40am
Most restaurants at superhyway karachi not issuing Pos receipts
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Parvez Ahmad Sep 15, 2024 07:43am
Most restaurants at superhyway (karachi) Not issuing POS receipts,And not accepting cards.
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Kalim Sep 15, 2024 12:25pm
No solar equipment retailers in karachi is charging sales tax on retail sales Can FBR investigate .
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Abdul Rehman Sep 15, 2024 03:53pm
75% share of fine amount should be given to the customer who complain to FbR for non POS receipt. Soon Fbr will feel massive tax collection from big retailers
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Pakistani Sep 16, 2024 07:28pm
FBR should maintain pressure on the retail outlets until they start paying the prescribed tax rate on their income.
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