Tuesday, 25 June 2024
Trending
Tier 1 Retailers integration with point of sales software
Businesses

FBR monitoring teams will assess sales of resisting Tier-1 retailers

Instructions issues by Chief Commissioner Regional Tax Office (RTO) Lahore Nasir Iqbal Khan for monitoring of sales of those Tier-1 Retailers (T-1Rs) who are resisting integration with Point of Sale (POS) system.

For this purpose, monitoring teams have been constituted by the commissioners of Inland Revenue and deputed on a leading ornament store and a bakery. These teams would compile a detail report of production as well as sales for the chief commissioner, they added.

It must be remembered that the Federal Board of Revenue (FBR) is actively pursuing Tier-1 Retailers for Point of sales (POS) integration. So far, 2,500 retailers have linked over 15,000 machines with the tax system despite aggressive campaign by the Board. So far as the Corporate Tax Office (CTO) is concerned, the integration of retail outlets in the areas of leather, shoe and textile has gained momentum because of a strong corporate culture in these sectors.

Regional Tax Offices (RTOs) are facing trouble in dealing with non-corporate sectors because of the absence of documentation trends. Therefore, monitoring teams have been constituted to pursue them on a faster pace.

See also  FBR amends Section 122 of IT Ordinance regarding time limit for proceedings

However, the Board has taken notice of harassing taxpayers under the POS integration, as a letter dated on 17th December had directed to integrate only the ‘eligible’ Tier-1 Retailers (T-1Rs).

Board has directed that only the names of those retailers should be proposed for sales tax general orders (STGOs), which are eligible for integration but have not yet integrated.

Currently, Board issues STGOs each month along with a list of integrate-able Tier-1 Retailers who have not yet integrated. It has directed all the large tax offices (LTOs), corporate tax offices (CTOs) and RTOs that they would have to ensure that the eligible Tier-1 Retailers are registered with FBR under the Sales Tax Act, 1990 and have sales tax registration numbers (STRNs).

Source: Business Recorder

tax accounting services top tax consultants lahore pakistan
Ads:
Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: