Lahore: According to news released on Tuesday, the Federal Board of Revenue (FBR) has issued compliance letters to 200 Tier-1 merchants requiring them to register with the Point of Sale (POS) integration system.
FBR has made it essential for tier-1 retailers of textile, sports, and leather items to register with the POS integration system, according to the information. Additionally, penalties ranging from PKR 0.5 million to PKR 2 million have been imposed on retailers who have disregarded previously served notices. If the shops continue to refuse to register, their stores will be closed.
Since 2019, 114 retailers have registered with the board, according to Additional Commissioner Tanveer Iqbal, who is the POS focal point. He went on to claim that by the conclusion of the current fiscal year’s second quarter, the number of retail outlets will have doubled. During the first quarter of the current fiscal year, 34 retail outlets were reported to have been registered with FBR.
The commissioner claims that merchants have failed to register because they are unaware of the POS technology. An awareness campaign, according to the Additional Commissioner, has been initiated.
Moreover, the board has approved 40 vendors for the installation of a POS integration system at the retail outlets. The additional commissioner mentioned that FBR focuses on encouraging registration through awareness rather than imposing penalties.
For more details, visit our website Tajarat Properties.