POS Registration: FBR Issues Notices to Tier-1 Retailers
According to published reports, the Federal Board of Revenue (FBR) has notified 200 Tier-1 retailers to register with the Point of Sale (POS) integration system.
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According to the specifics, the FBR has mandated that tier-1 retailers of textile, sporting, and leather goods register with the POS integration system. Additionally, penalties ranging from PKR 500,000 to PKR 2,000,000 have been imposed on retailers who have disregarded previously served notices. If the merchants still refuse to register, their stores will be sealed.
According to the commissioner, a lack of knowledge about the POS system prevented retailers from registering. Additional Commissioner stated that an awareness campaign has been launched.
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He further added that incentives are being offered such as permission to charge PKR 1 per invoice from consumers in order to meet the service charges and decreased tax rate of 7% to motivate retailers to register.
In addition, the board has approved forty vendors for the installation of a POS integration system in retail locations. Instead of imposing penalties, FBR focuses on promoting registration through education, according to the additional commissioner.
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