ISLAMABAD: The Federal Board of Revenue (FBR) Wednesday announced cash back facility to the customers of big retailers under which they can get back five percent of the paid sales tax as cashback on eligible goods at approved outlets of Tier-1 retailers.
The FBR has issued a new procedure on cash back to customers through an SRO here on Wednesday.
According to the procedure, the provisions of this chapter shall apply to the customers of Tier-I retailers who have integrated their retail outlets with the board’s computerised system for real-time reporting of sales. All customers of Tier-1 retailers are entitled to redeem five percent of the sales tax paid as cashback on eligible goods of the tax amount as inscribed on the invoice issued by the Tier-I retailers.
Under the rules, all customers of Tier-1 retailers are entitled to redeem five percent of the sales tax paid as cashback on eligible goods of the tax amount as inscribed on the invoice issued by the Tier-I retailers.
To redeem, the cash online, the customer shall log on to the mobile application.
Soon after log on, an independent FBR wallet account shall be created for each customer.
Approved outlet shall also create an independent FBR wallet account for each customer. An identical FBR wallet account shall be created for each point of sale by the approved outlet. The customer shall verify the electronically-generated invoice through the mobile application.
As soon as the electronically-generated invoice is verified, the system shall automatically calculate the five percent amount of the tax paid on the invoice.
The customer shall transfer the amount determined under sub-rule (7) into his FBR wallet account.
The customer may redeem the earned amount within one month of his purchases accumulated in his FBR wallet account on any approved outlet who shall refund the amount accumulated in the wallet account of the customer after ensuring that the earned amount is transferred from the customer’s wallet account to the approved outlets wallet account.
Copyright Business Recorder, 2020