Beijing, May 21, 2024 – China’s online retail sector continues to thrive, posting an impressive 11.5 percent growth in the first four months of 2024, as reported by Xinhua on Tuesday.
(more…)Tag: retail
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Bank Alfalah enables QR option for retail payment
KARACHI: Bank Alfalah has enabled QR option for retail payment at Naheed Supermarket, a statement said on Wednesday.
Naheed Supermarket, a leading name in the retail shopping sector in Pakistan, has entered into an agreement with Bank Al Falah to enable its Alfa QR at its retail outlet.
The agreement enables the QR payment option for the Alfa QR customers, providing them ease of payment at the Naheed Supermarket, and can also enjoy upto 20 per cent or Rs 1000 cash back by making payment through Alfa QR as the launch promotion.
READ MORE: Bank Alfalah declares Rs10.48 billion after tax profit
The Alfa QR, a product backed by Bank Alfalah, enables the valued users to make payments with just 3 taps within the app.
With AlfaPay the customers can simply scan AlfaQR codes to make instant payments now at Naheed Super market as a Masterpass merchant.
Payments can be made using the Bank Alfalah Account, Credit Card, Wallet or with Orbits.
Sharing his thoughts, Munsub Abrar, CEO Naheed Supermarket said, “We at Naheed Supermarket facilitate our customers in terms of shopping with ease of payments and implementation of Alfa QR facility is our latest addition to it.
READ MORE: Bank Alfalah announces 21% growth in half year profit
“The enablement of digital payment system is aligned with the national vision of Digital Pakistan.”
The agreement was signed by Munsub Abrar, CEO Naheed Supermarket and Adnan Nasir, Head digital Payments, Bank Al-Falah at Naheed’s head office in Karachi, in presence of Abraruddin, Founder and Chairman, Muhammad Fahad COO, Hassan Raza, Head of Creative, from Naheed Supermarket; and Rabia Atlas Unit Head Proximity Payments, Arwa Saleem, Manager Proximity Payments, and Yahya Inam, Business Manager Proximity payments, from Bank Alfalah.
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FBR makes mandatory for big retail chains to share real-time sales data from December 01
ISLAMABAD: The big retail chains in the country will share their sales data with the Federal Board of Revenue (FBR) on real-time basis from December 01, 2019.
In order to implement the decision the FBR issued SRO 1203(I)/2019 on Thursday to make amendments in Sales Tax Rules, 2006.
The revenue body notified mandatory integration of sales by Tier-I retailers.
As per notified rules, the FBR said that commencing from December 01, 2019, all Tier-1 retailers shall integrate their retail outlets with FBR’s computerized system for real-time reporting of sale.
According to the Sales Tax Act, 1990, the Tier-1 retailers have been defined as:
(a) a retailer operating as a unit of a national or international chain of stores;
(b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;
(c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rs600,000;
(d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and
(e) a retailer, whose shop measures one thousand square feet in area or more.
The FBR said that the sales of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leathers would be entitled to reduced sales tax of 14 percent if sales made through integrated outlets.
The FBR, however, warned that the integrated suppliers who were found to have tampered with the system would not be entitled to claim input adjustment and also not be eligible for reduced sales tax rate.
Further, the FBR would initiate legal proceedings against such activities besides imposing penalty and recovery of tax.
The FBR also amended the rules regarding sales made through social media portals, and said that such sales would have same treatment of sales tax in case reported through point of sale in real-time manner.