Lahore: The Federal Board of Revenue (FBR) has issued compliance notices to 200 Tier-1 retailers to register with the Point of Sale (POS) integration system, according to news published.
As per the details, FBR has made it mandatory for tier-1 retail outlets of textile, sports, and leather goods to register with the POS integration system. It was also mentioned that penalties, ranging from PKR 0.5 million to PKR 2 million, have been imposed on the retailers who have ignored the previously served notices. If the retailers still fail to register, the next step would be to seal their outlets.
According to the commissioner, retailers have failed to register because of a lack of awareness about the POS system. Additional Commissioner stated that a campaign has been launched to spread awareness.
He further added that incentives are being offered such as permission to charge PKR 1 per invoice from consumers in order to meet the service charges and decreased tax rate of 7% to motivate retailers to register.
Moreover, the board has approved 40 vendors for the installation of a POS integration system at the retail outlets. The additional commissioner mentioned that FBR focuses on encouraging registration through awareness rather than imposing penalties.
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