Islamabad: The Federal Board of Revenue (FBR) on Friday (February 10) notified 124 large Tier-1 retailers to register with the Point of Sale (POS) system to continue operations, news sources reported.
In this regard, FBR issued Sales Tax General Order (STGO) 7 of 2023, warning unregistered retailers that their claims for input tax would be denied if they failed to comply with the notice. The FBR also mentioned that the adjustable tax for retailers who do not integrate with the POS system in the prescribed manner will be reduced by 60% as per the Finance Act of 2021. The authority has advised retailers to take the necessary steps to register with the POS system to ensure their businesses run smoothly and are in compliance with tax laws.
It is important to note that the FBR issued a similar notice in August 2022, encouraging retailers to integrate with POS systems for real-time tax collection data. The authority has launched the system in 2020 to increase the tax net, bring more tax defaulters into the fold, and achieve the PKR 7.4 trillion tax target.
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