Karachi: The Federal Board of Revenue (FBR) on Monday stated that bakeries and sweet marts, which fall under the criteria defined for tier-1 retailers, were required to integrate their sales record with the taxation authority’s system, according to a news source.
With
regards to its automated Point of Sales (POS) system installation condition for
the retailers; the FBR stated that there were no exemptions applicable to these
bakeries and sweet shops under the Sales Tax Act 1990. The taxation agency said
that the sale transactions of these confectioners would be treated similar to that
of the other retailers.
The tax authority maintained that all establishments (whether manufacturers or not) who sell goods to public for consumption were categorised as retailers under Section 2, Clause 28 of the Sales Tax Act 1990. The FBR said that POS integration was mandatory for all tier-1 retailers regardless of items they were dealing in.
It further stated that in view of
the increased power tariff, the threshold to qualify for a tier-1 retailer had
been increased for a bill of PKR 600,000 per annum to PKR 1.2 million.
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