18 C
Sunday, August 14, 2022

Latest Posts

FBR tightens noose round unregistered retailers

KARACHI: The Federal Board of Revenue (FBR) has issued a listing of 114 unregistered retailers (Tier-1) and determined to take motion towards these huge retailers for not integrating with the FBR’s Point of Sale (POS) system, ARY News reported on Saturday.

According to the assertion launched by the nation’s tax assortment physique, these 114 retailers are working out of the documented regime and never depositing collected gross sales tax from shoppers into the nationwide kitty.

The board has determined to boost gross sales tax demand towards these huge retailers (Tier-1), who don’t combine with the FBR’s POS system by the deadline of August 10, 2022.

Last month, the FBR issued a listing of 101 huge retailers (Tier-1), that are required to be built-in with the FBR’s POS system and have been denied 60 % enter tax credit score in case of non-integration.

FBR has said that the enter tax declare of all aforementioned Tier-1 retailers can be disallowed upon submitting the gross sales tax return for the month of August 2022.

The FBR’s notification additionally said that in an effort to operationalize this provision of legislation, a system-based approach has been adopted.

Source hyperlink

Latest Posts

Don't Miss

Stay in touch

To be updated with all the latest news, offers and special announcements.