Islamabad: The Federal Board of Revenue (FBR) has issued notices to 56 shopping malls and retail outlets in Karachi found operating with unregistered Point of Sales (POS) systems, according to a news source published on Friday (Sep 18).
Earlier, the body had issued instructions to these retailers to register their POS systems before an August 31 deadline, which they subsequently missed; leading the former to impose a fine of PKR 1 million on them. The FBR further warned that if the ‘large retailers’ do not pay their fines, they would not be allowed to conduct any business transactions.
Initially, POS integrations were communicated as an optional offer for retailers; accompanied with the incentive of reduced sales taxes on businesses which chose to do so. However, under the Finance Act 2019, integrating these systems with the FBR was made mandatory. Following this development, the regulatory body provided ample time to businesses to comply with these directives – and is now taking action against outlets which still remain unregistered under its database.
