Tuesday, 12 November 2024
Trending
How to Check and Verify Vehicle Ownership | Car Registration Online Check 8009 Nadra family verification system | 8009 Nadra online check | 8009 sms Nadra Apple IPhone XS Max PTA and Import TAX in Pakistan | Non PTA price in Pakistan 1500 Prize Bond Draw List 15 August 2022 Lesco Bill Check Online 2022 | How to Get Lesco Duplicate Bill Online 750 Prize Bond List 2022 | Prize Bond Schedule 2022 How to Check Number of Mobile SIMs Issued Against Your CNIC Prize Bond 750 list 2022 | Prize Bond Schedule 2022 200 Prize Bond Draw List 2022 15th March 2022 – Prize Bond Draw Schedule Dates and Results 2022 Imported LNG prices for gas companies increased Pakistani exporters trying to capture Chinese meat market FBR issued list of business sectors for mandatory income tax integration Tax returns from Karachi city low-income areas surprisingly on top Taxation of gifts in Pakistan FATF awarded another lifeline to Pakistan Which persons require to submit income tax returns ? Staff required/Jobs Alert: Tax Manager, Tax Specialist, Tax Analyst China launches 6G satellite: We are still on 4G Dubai Mall, launched VAT refund kiosks IRS refund status FBR disposed off cases without audit: Notices Issued FBR clarification: good news for overseas Pakistanis for taking exemption from tax on profit on bank deposits FBR launched online module for Greenfield investors status registration State bank issued list of chartered accountants firms for audit of banks Prices of all petroleum products increased: A New Year gift FBR allowed to taxpayers to file settlement application for agreed assessment FBR formed committee to improve Income Tax Return forms Tax audit of Rahat Fateh Ali Khan resumed on information of secret bank accounts Telecom sector tax share increases 129% in FY20: PTA FBR considering proposals to tax benefit to non-resident or overseas Pakistanis Corruption in Pakistan increased more than Afghanistan: Transparency International reveals Sales Tax Relief by Punjab Revenue Authority FBR will launch a track and trace system by July 2021 Income Tax Returns Filing Reached at Top Sales Tax Amendment: FBR to recover arrears through bank account attachment Track and Trace System: Contract signed between FBR and AJCL Naya Pakistan LDA Apartments: Bank of Punjab & LDA Sign Deal State Bank of Pakistan maintains Monetary Policy Rate unchanged at 7pc Soneri Bank declares Rs2,400m profit after tax FBR Exempts Judicial Allowance by Honoring Court Judgment FBR and Provincial Revenue Authorities sign MoU on Single Portal and Return for Sales Tax FATF's condition fulfilled, 15000 and 7500 Prize Bonds to be abolished Chairman FBR Inaugurates Anti-Benami Adjudicating Authority Secretariat Rs. 100 Prize Bond Draw Result & List Dated 17 May 2021 FBR Issues Clarification on Excessive Charge of Duties & Taxes on Mobile Phones Govt called for the National Assembly session on June 11 to present the budget Income Tax Returns Filing for Tax Year 2020 Reaches 2.93m Bad News for Salaried & Retired Employees in Upcoming Budget Government Seeks to Impose tax on Suspicious Gifts transactions among Relatives FBR field offices to remain open till midnight on 30th June
Tier-1 Retailers integration with point of sales system of FBR
TAXATION

FBR directed the Integration of Big Retailers with POS System

By

FBR directed the Integration of Big Retailers with POS System

FBR directed the Integration of Big Retailers with the POS System. The Federal Board of Revenue (FBR) on Tuesday directed the chief commissioners of the Regional Tax Offices (RTOs) to take steps to enhance the number of big retailers’ integration with the FBR’s point of sale (POS) invoicing system.

Current Progress of POS Scheme and Integration

FBR Chairman Mr. Asim Ahmad analyzed the integration status of the retailers with the POS system. He was interacting with the chief commissioners of the RTOs over video conferencing.

The Chief Commissioner informed that the POS scheme and integration of top Tier-1 retailers are successfully progressing. They further informed that the number of invoices verification and retailers integration is increasing every month.

List of Non-integrated Tier-1 Retailers

The FBR issued via Sales Tax General Order (STGO) 3 of 2022, a list of 81 unregistered retailers (Tier-1), and required them to be integrated with the FBR’s POS system. Integration of these 81 identified retailers will enhance the documented regime and depositing of collected sales tax from consumers into the national exchequer.

Tier 1 Retailers integration with point of sales software. FBR directed the Integration of Big Retailers with POS System.

Disallow of 60percent Input Tax Credit

Out of the last month’s list of 114 big retailers (Tier-1), which are required to integrate with the FBR’s POS system, refused 60percent input tax credit on the issue of non-integration, and now there are 81.

See also  WhatsApp delayed its new privacy policy as users run away to other apps

According to media news, FBR decided to charge sales tax demand against these big retailers (Tier-1). Who still required to integrate with the FBR’s POS system by the deadline of September 10, 2022.

Along with the above action of FBR, non-integrated retailers will also face the disallowance of an input tax credit.

Procedure of exclusion from this list of identified Tier-I

If big retailers want to follow the procedure of exclusion from this list of non-integrated Tier-I. Then may follow the guidelines as provided in STGO 17 of 2022 dated May 13, 2022, the FBR further added.

Newsletter
Subscribe Now

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

[contact-form-7 id="11414" title="Contact form 1"]

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: