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 directed the retailers, who are required to integrate their sales and purchases under Sales Tax Act, 1990, to link their invoicing system by August 31, 2020.
The FBR has explained that all retailers who have the network of chain stores throughout Pakistan, located in air-conditioned big shopping malls or plazas and their cumulative electricity bill during the immediately preceding twelve consecutive months exceeds twelve hundred thousand rupees and they are engaged in bulk import and supply of consumer good on wholesale basis to the retailers as well as on retail basis in to the consumer and their shop’s size measures one thousand square feet in area or more must integrate their retail outlets with the FBR’s computerized system for real time reporting of sales.
FBR has warned that the last date for such integration is August 31, 2020 and afterwards those who failed to integrate would be imposed a penalty up to rupees one million and if the offence continued, the business premises of such retailer shall be sealed.
