Thursday, 18 August 2022
Trending
TAXATION

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines

FBR warns retail stores to register with point of sale (POS) System to avoid heavy fines and using this system will end periodic examinations by the Federal Board of Revenue. It will also assist retailers to prepare monthly sales tax returns without much inconvenience. When the POS Invoicing System downloads, it will print a barcode on every customer receipt generated by the FBR’s point of sale system. Afterwards, the invoice data will upload on the FBR’s servers forthwith on a regular basis.

FBR warns major retailers to connect to point of sale system (POS) of FBR by August 31. All major retailers with chain stores and running businesses in air-conditioned shopping malls across the country should join point of sale invoice system (POS) of FBR.

Retailers whose electricity bill exceeded Rs. 12 lakh last year or whose shop size is one thousand square feet or more should connect to the FBR’ POS system.

 


Retailers that import or supply large quantities of goods must connect all their retail outlets to the POS system by August 31, 2020.

Otherwise, FBR may fine up to Rs 1 million after the deadline. All such retail centers will close for further violations even after payment of fines.

 

 

Top-Tax-Consultants-Lahore-Pakistan-Global-Tax-Consultants

 

 

RELATED STORIES

-Online Invoice System With Shopping Store Chains Across The Country From November 01, 2019

-POS Integration Of Tier1 Retailers With FBR

-Blacklisted entity among 42 FBR approved vendors providing POS integration to retailers

-Finance Act 2020 | FBR Budget Salient Features | Tax Year 2021 |

FBR-POS-Registration-Retailers

Related posts
TAXATION

Tax on Agricultural Income in Pakistan 2022 | Easy Latest Tax Calculator

Table of Contents Tax on Agricultural Income in Pakistan 2022Tax on Agricultural Income in Pakistan…
Read more
TAXATION

FBR Uploads Income Tax Return Forms for Tax Year 2022

FBR Uploads Income Tax Return Forms for Tax Year 2022 Federal Board of Revenue (FBR) has uploaded…
Read more
TAXATION

How to Verify FBR Active Taxpayer Status in Pakistan

Table of Contents Steps to Check Active Taxpayer StatusHOW TO VERIFY TAX FILER STATUS THROUGH FBR…
Read more
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    Leave a Reply

    Your email address will not be published.