May 13

FBR issues procedure for restoration of input tax adjustment

ISLAMABAD: The Federal Board of Revenue (FBR) has issued procedure to restore input tax adjustment claimed by Tier-1 retailers. The FBR on Friday issued Sales Tax General Order (STGO) No. 17 of 2022 dated May 13, 2022 regarding Tier-1 retailers – integration with FBR POS System. The procedure for reversal of bar on input tax […]

by Anjum Shah

FBR announces winners of third POS invoice draw

Mar 15

Taxation, Top stories

FBR announces winners of third POS invoice draw

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced winners of third balloting of invoices issued through Point of Sale (POS) of retailers. According to the FBR, the bumper prize of Rs1,000,000 has been awarded to Nasreen Akhtar on the invoice issued by Save Mart. READ MORE: FBR announces prize winners in second POS […]

by Anjum Shah

FBR identifies 1,421 retailers for tax integration

Mar 3

Taxation

FBR identifies 1,421 retailers for tax integration

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday issued a list of 1,421 retailers for mandatory integration with online tax system. The FBR directed the retailers to integrate with the online tax system by March 10, 2022 in order to avoid harsh action. The revenue board issued Sales Tax General Order No. 10 of 2022 […]

by Anjum Shah

POS invoice verification for prize scheme surges by 63%

Mar 2

Taxation

POS invoice verification for prize scheme surges by 63%

ISLAMABAD: The verification of invoices issued through point of sales (POS) by Tier-1 retailers surged by 63 per cent in February 2022, the Federal Board of Revenue (FBR) said on Wednesday. The ongoing outreach campaign and the prize scheme continue to gain momentum as numbers keep growing up. In February, FBR has witnessed that about […]

by Anjum Shah

FBR makes rules for sealing retail outlets

Feb 16

Taxation, Top stories

FBR makes rules for sealing retail outlets

ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday notified rules for sealing and de-sealing business premises of Tier-1 retailers. In this regard the FBR issued SRO 252/2022 to make amendments in Sales Tax Rules, 2006. Through the amendments, a new chapter has been introduced namely, ‘Procedure for Sealing and De-sealing of Business Premises of […]

by Anjum Shah

LTO Karachi facilitates Tier-1 retailers in POS integration

Feb 16

Taxation

LTO Karachi facilitates Tier-1 retailers in POS integration

KARACHI: Large Taxpayers Office (LTO) Karachi has facilitated Tier-1 retailers to resolve issues in installation of Point of Sale (POS), a statement said on Wednesday. In this regard the LTO Karachi established a fully automated, computerized and equipped with modern communication devices control room in order to implement POS Scheme announced by the Federal Board […]

by Faisal Shah

FBR announces prize winners in second POS invoice balloting

Feb 15

Taxation

FBR announces prize winners in second POS invoice balloting

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday announced winners of second balloting of invoices issued by Point of Sales (POS) installed by Tier-1 retailers. Muhammad Aslam has been declared as winner of bumper prize worth Rs1 million in the second draw. The invoice declared for the bumper prize was issued by Tier-1 retailer […]

by Anjum Shah

Tax offices fail to meet target of integrating retailers

Feb 13

Taxation, Top stories

Tax offices fail to meet target of integrating retailers

ISLAMABAD: The Federal Board of Revenue (FBR) has expressed annoyance over the lack of interest shown by field offices in integrating Point of Sale (POS) of Tier-1 retailers with the online tax system. According to an official document related to Tier-1 Retailers POS Integration – Third Quarter Targets (January 2022), the analyses revealed except for […]

by Anjum Shah

FBR issues list of 1,358 retailers for mandatory POS

Feb 5

Taxation, Top stories

FBR issues list of 1,358 retailers for mandatory POS

ISLAMABAD: The Federal Board of Revenue (FBR) has notified a list of 1,358 retailers for mandatory installation of Point of Sale (POS) and integrate the same with the tax system. The FBR on Friday issued the list of 1,358 retailers by notifying Sales Tax General Order (STGO) No. 9 of 2022 dated February 04, 2022. […]

by Anjum Shah

POS retailers to get refunds automatically: Tariq Mustafa

Feb 3

Taxation, Trade & Industry

POS retailers to get refunds automatically: Tariq Mustafa

KARACHI: Tariq Mustafa Khan, Chief Commissioner Inland Revenue, Regional Tax Office (RTO) Karachi has said that retailers who installed Point of Sales (POS) will gain refunds automatically. “The retailers will also not subject to audit,” he said while speaking with office bearers of Karachi Chamber of Commerce and Industry (KCCI) on Thursday. “POS, which was […]

by Faisal Shah