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 […]
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 […]
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 […]
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, […]
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 […]
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.
ISLAMABAD: Federal Board of Revenue (FBR) has integrated 5,783 Point of Sales (POS) of 286 retailers so far with the hectic efforts of field formation, FBR spokesman said on Thursday. The spokesman said that the system had been made fully functional. The entries made through POS have been directly received by the FBR through online […]
KARACHI: A retailer, who is consuming electricity above Rs1.2 million in a year, the online integration through point of sale has been made mandatory. Definition of the term Tier I retailer has been elaborated to include a retailer falling in any one or more of the categories contained in said definition. A retailer whose cumulative […]
ISLAMABAD: Federal Board of Revenue (FBR) on Tuesday constituted market committees within the jurisdiction of 17 Regional Tax Offices (RTOs) to resolve the issues of small traders and retailers. According to a notification issued by the FBR, the market committees had been constituted in pursuance of the agreement signed on October 30, 2019 between FBR […]
KARACHI: Federal Board of Revenue (FBR) has identified that large number of retailers are suppressing electricity consumption to avoid mandatory registration. A tax unit in Karachi in its budget proposals for fiscal year 2019/2020, asked the FBR Headquarters to review the present regime of sales tax registration for retailers as they were taking undue advantage. […]