Islamabad: The Federal Board of Revenue (FBR) on Wednesday made it mandatory for all registered retailers to print cost and tax figures on menu cards and price tags separately, according to news sources. This measure is intended to ensure transparent deposits of deducted tax amounts in the national treasury.
The board reached this decision after observing that several retailers have been additionally charging customers 17% sales tax on the retail prices without mentioning it on their price tags. Furthermore, the fabric vendors are especially required to show retail prices and tax amounts separately on the price tags – to be attached to the finished fabric, locally manufactured textile articles and textile made-ups. This rule will assist the revenue board to monitor and trace the taxable transactions electronically.
The government has revived 17% standard general sales tax (GST) rates on domestic selling of textiles, leather garments/goods, and other clothing items since July 01, 2019. However, the export of all these products is exempt from the sales tax.
To implement this new decision, the FBR has introduced a notification SRO353 to add a new Rule 150ZEA in the existing Sales Tax Rules. By amending Rule 150ZB, the board also made it mandatory for eateries (bakeries, caterers, restaurants, and sweetmeat shops) to print the retail and tax prices separately on all menu cards and boards.
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