FBR Issues Warning To Big Retailers
Federal board of reveue (FBR) has issued warning to all the retailers falling in Tier-1 category to register with point of sale (Linked Invoicing System) till the last date i.e 31st August,2020. FBR has explained that all retailers who have the network of chain stores throughout the 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 the 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 integraton is 31st August, 2020 and afterwards those who failed to integrate would be imposed a penalty up to rupees one million and if the offense is continued, then the business premises of such retailer shall be sealed.
Source: FBR press release 18.08.2020