Debt, credit card machines must for POS retailers: FBR

Debt, credit card machines must for POS retailers: FBR

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday said retailers, who integrated Point of Sale (POS), must have facility of debt and credit card machines to facilitate their customers in making payments.

The FBR issued Circular No. 05 of 2022 regarding implementation of Rule 150ZEB(II) of the Sales Tax Rules, 2006.

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The revenue body said that all Tier-1 retailers are expected to maintain the highest standards of documentation, reporting and transparency.

In their endeavors to achieve such high standards, they are integrated with FBR’s IT system for real-time reporting of their economic transactions.

READ MORE: FBR issues list of 608 Tier-1 non-compliant retailers

It has transpired that many integrated Tier-1 retailers are indulged in making cash transactions, which is not only against the overall scheme of things, but also the intended objectives.

In this connection, it is pertinent to note that Rule 150ZEB(II) of the Sales Tax Rules, 2006, mandates that each Tier-1 Retailer “must have the facility of debit and credit card machines installed at each notified outlet and the sales through debit or credit cards shall not be ordinarily refused.”

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“Accordingly, all integratable Tier-1 Retailers are liable to have debt/credit card machine installed at their outlets and IRS field formations to ensure implementation the rules in this respect,” the FBR added.

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