Large retailers to link outlets with FBR by Dec 1.
Position | Federal Board of Revenue |
The Federal Board of Revenue (FBR) on Thursday notified December 1, 2019 as the deadline for all large retailers to link their retail outlets with its electronic system aimed at capturing their real income.
In case, the large-sized retailers fail to link their systems with the FBR, they would not be entitled to the reduced 14percent sales tax, according to the FBR's notification.
The FBR has also brought sales made through social media portals under the scope of sales tax rules and these sales will be subject to 17percent sales tax. The FBR issued the notification to amend the Sales Tax Rules 2006 aimed at tightening the noose around big retailers and fertiliser, sugar and edible oil manufacturers and strengthening procedures to check the issuance of bogus refunds.
The measures, if implemented successfully, have the potential to capture real earnings of the retailers doing business at shopping malls in major cities and also of the certain class of manufacturers that have become monopolistic.
Fertiliser, sugar and cooking oil producers recently made huge profits by increasing prices of their products far higher than the tax imposed by the government of Prime Minister Imran Khan in the budget. The FBR notified the new rules that made it mandatory for tier-I retailers to integrate their retail outlets with the FBR's electronic system.
Tier-I retailers comprise those that operate a unit of a national or...
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