Islamabad: The Federal Board of Revenue (FBR) has finalised an agreement with major retail chains across the country with regard to business documentation and their proposed concessions, a news source reported on October 18.
According to the details revealed, the government plans to lower tax rates by introducing amendments to the Income Tax Ordinance and these measures are expected to be conveyed through a mini-budget or as part of the federal budget for fiscal year (FY) 2021-2022.
FBR Member Operations Mohammad Ashfaq agreed to the requests of the business community, which had sought a series of concessions from the taxation agency earlier this year. To this effect, the FBR has agreed to ease audit conditions and reduce income tax rates for retailers who, in response, will get themselves registered with the federal institution.
Moreover, retail stores across the country have agreed to install the Point of Sales (POS) system, a real time invoicing utility, in their outlets. The taxation agency has directed the retailers concerned to install the POS system by November end.
