Islamabad: The Federal Board of Revenue (FBR) recently provided another extension in the deadline for online integration of retailers, a news source reported. To this effect, the taxation agency has stretched the deadline to June 30 for tier-1 retailers to facilitate the integration of their ‘point of sales’ (POS) with FBR’s computerised system for sales reporting in real time.
Earlier, FBR had extended the said deadline to April 30. It has also allowed the already integrated tier-1 retailers to adjust their input tax to an extent of 95% of their output tax. FBR has stated that the excess amount of the tax would carry forward to the upcoming tax period.
According to details, tier-1 retailers required to carry out online POS integration include operating units
of national and international chain of stores
with a cumulative electricity bill over PKR 600,000 for the immediately preceding 12 consecutive months
within air-conditioned malls, centres, or plazas
wholesalers-cum-retailers operating in field of bulk imports and supply of consumer good to retailers on wholesale basis
On the other hand, FBR has been requested to increase the minimum area of shop and amount of electricity bills for tier-1 retailers required to conduct POS integrations. In this regard, individuals concerned have suggested to increase the minimum area to 3,000 square feet from existing 1,000 square feet and electricity bills to PKR 2.4 million from the current PKR 1.2 million per annum.
