Fixed tax rates for retailers, payable through electricity bills

Jun 12

Budget 2022-2023, Taxation

Fixed tax rates for retailers, payable through electricity bills

ISLAMABAD: The government has announced a fixed tax regime for small retailers, which will be collected their monthly electricity bills. The fixed tax regime has been proposed through budget 2022/2023, which was announced on June 10, 2022. Through Finance Bill, 2022 amendment has been made to Income Tax Ordinance, 2001 to propose special provisions relating […]

by Anjum Shah

FPCCI demands fixed tax regime for retailers

May 31

Trade & Industry

FPCCI demands fixed tax regime for retailers

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded the government of a fixed tax regime for retailers. In a statement the FPCCI reminded the finance minister on his promised position to introduce simplified taxation regime on fixed rate basis for the category of the retailers other than the tier-1 retailers, as […]

by Hamza Shah

Adjustment restrictions hamper return filing by retailers

Mar 20

Taxation

Adjustment restrictions hamper return filing by retailers

Retailers falling under Tier-1 have informed the Federal Board of Revenue (FBR) that they were unable to file monthly sales tax returns due to denial of adjustment by IRIS portal. A number of retailers jointly sent a letter to FBR chairman apprising about unfavorable behavior of IRIS Portal by denying adjustment against credit notes issued […]

by Anjum Shah

FBR constitutes committees for integration of Tier-I retailers

Mar 13

Taxation

FBR constitutes committees for integration of Tier-I retailers

ISLAMABAD: Federal Board of Revenue (FBR) has constituted central committee and regional committees to oversee the integration of Tier-I retailers with the FBR system. The FBR said that in pursuance of the Memorandum of Understanding (MOU) signed between the FBR and the Chainstore Association of Pakistan (CAP) on October 28, 2020, a central committee and […]

by Anjum Shah

Retail price defined under Sales Tax Act

Feb 6

Definitions

Retail price defined under Sales Tax Act

Sales Tax Act, 1990 has defined ‘retail price’ as a price fixed for sales of goods to the end consumers. The Sales Tax Act, 1990 [updated up to June 30, 2020 issued by the Federal Board of Revenue (FBR)] defines the ‘retail price’ with reference to the Third Schedule of the Act, as the price […]

by Anjum Shah

Retailers share CNICs of consumers with FBR

Dec 30

Taxation

Retailers share CNICs of consumers with FBR

ISLAMABAD: Retailers registered with Federal Board of Revenue (FBR) have started obtaining detail of Computerized National Identity Card (CNIC) of consumers, who buy goods above Rs100,000, tax officials said. The sources on Tuesday said that retailers having sales tax registration number (STRN) were providing details of ordinary consumers on sale of goods above Rs100,000 through […]

by admin

FBR decides action against retailers for avoiding mandatory integration

Aug 18

Taxation

FBR decides action against retailers for avoiding mandatory integration

ISLAMABAD: Federal Board of Revenue (FBR) has decided to take action against retailers having huge turnovers for not complying with mandatory integration with the online system of the tax authority. In this regard the FBR on Tuesday directed the retailers, who are required to integrate their sales and purchases under Sales Tax Act, 1990, to […]

by admin

Big retail units to be sealed till integration with FBR

Jul 19

Taxation

Big retail units to be sealed till integration with FBR

ISLAMABAD: Big retail units shall be sealed till their integration with the online system of the Federal Board of Revenue (FBR) for sharing sales and purchases. Sources in the Federal Board of Revenue (FBR) said that the big retail units are required to integrate their outlets with the FBR under Sales Tax Act, 1990. However, […]

by admin

FBR extends date for integration of Tier-1 retailers

Apr 2

Taxation

FBR extends date for integration of Tier-1 retailers

ISLAMABAD: Federal Board of Revenue (FBR) on Thursday extended the date for integration of Point of Sale (POS) by high volume retailers up to April 30, 2020. The last date for integrating the POS for Tier-1 retailers was March 31, 2020. The FBR said that only those retailers can integrate their POS by April 30 […]

by admin

FBR may extend date for Tier-1 retailers POS integration

Mar 26

Taxation

FBR may extend date for Tier-1 retailers POS integration

ISLAMABAD: Federal Board of Revenue (FBR) is likely to extend the last date for big retailers to integrate their point of sales (POSs) with the online system of the tax system owing to ongoing lockdown to prevent spread of coronavirus, sources said on Wednesday.

by Anjum Shah