Lahore: The Federal Board of Revenue (FBR) has issued compliance notices to 200 Tier-1 retailers to register with the Point of Sale (POS) integration system, according to news published on Tuesday (October 12).
As per the details, FBR has made it mandatory for tier-1 retail outlets of textile, sports, and leather goods to register with the POS integration system. It was also mentioned that penalties, ranging from PKR 0.5 million to PKR 2 million, have been imposed on the retailers who have ignored the previously served notices. If the retailers still fail to register, the next step would be to seal their outlets.
Additional Commissioner Tanveer Iqbal, who is the focal person for POS, disclosed that 114 retailers have registered with the board since 2019. He went on to say that the number of retail outlets will be doubled by the end of the second quarter of the ongoing fiscal year. It was reported that a total of 34 retail outlets have been registered with FBR during the first quarter of the current fiscal year.
According to the commissioner, retailers have failed to register because of a lack of awareness about the POS system. Additional Commissioner stated that a campaign has been launched to spread awareness. He further added that incentives are being offered such as permission to charge PKR 1 per invoice from consumers in order to meet the service charges and decreased tax rate of 7% to motivate retailers to register.
Moreover, the board has approved 40 vendors for the installation of a POS integration system at the retail outlets. The additional commissioner mentioned that FBR focuses on encouraging registration through awareness rather than imposing penalties.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
