FBR extended deadline for retailers

Image

ISLAMABAD: The Federal Board of Revenue (FBR) extended the deadline for retailers to register with tax authorities and install automated point-of-sale (PoS) systems at outlets across the country to Dec 15.

The FBR had worked out a comprehensive plan to install PoS systems at outlets across the country within two months to document sales of big retailers who are, as per some estimates, evading taxes worth billions.

Last date for sales tax registrations was Dec 1.

As part of the documentation drive, the FBR extended the deadline for registration of big retailers located at luxurious shopping malls, retail chains and stores having 1,000 square feet size to raise due taxes till Dec 15.

Member Policy Hamid Ateeq Sarwar said that the date was extended to facilitate retailers who have not registered themselves. After registration, he said the PoS will be installed at respective outlets.

Following the installation of PoS, big retailers will report their sales in real-time to the FBR to ensure tax collected from consumers at the cash counter is actually deposited with the government.

The FBR projects that the PoS systems will be installed at around 20,000 businesses and outlets by June 2020.

Sarwar said the field formations have been directed to complete the sales tax registrations of remaining shops until Dec 15.

He said five softwares along with some other technical installations will be completed in December to connect sales of registered shops with the tax department.

He said the trouble shooting in the system will be resolved by Dec 31 after installation of PoS. He also said the FBR will start getting data from these registered shops on daily basis from Jan 1, 2020. Moreover, from Feb 1, 2020 onwards, the FBR will start getting live data from the retail shops.

You May Also Like

Image

Rana Sanaullah warned PTI of action

BAHAWALPUR: Interior Minister Rana Sanaullah on Sunday warned the PTI of action if its protesters

Image

Long march towards Islamabad on May 25: Imran Khan

PESHAWER: PTI Chairman Imran Khan, in a press conference in Peshawar on Sunday,

Image

Punjab Assembly session put off to June 6

LAHORE: A Punjab Assembly session in which the no-confidence motions against Punjab Assembly