Islamabad: The Federal Board of Revenue (FBR) has issued a reminder for all tier-1 retailers to ensure that their outlets have integrated their transactions with the authority’s point of sales (POS) system before August 31 – in order to avoid penalties, according to a post published on the authority’s Facebook page on August 18.
The FBR has already given multiple extensions to retailers for POS integration and has issued a warning for any outlet that fails to comply with the said deadline that itwill be facing a monetary penalty that can exceed upto PKR 1 million. The FBR has also cautioned that it will seal-off the outlets of those retail brands who have paid their fines and still have not integrated the said systems.
All top-tier retailers in the country – with store-chains and air-conditioned outlets in luxury shopping arenas – are requested to ensure the POS system integration for recording sales in real-time. The tier-1 retailers are defined by the authority as the stores with power bills exceeding PKR 1.2 million in the past year, or brands with shops spanning over 1,000 sq ft, and retailers who import or export large quantities (on a wholesale basis) of goods internationally.
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