To comply with the FBR’s Point of Sale (POS) system requirements, the FBR has published a list of 114 unregistered shops (Tier-1).
These 114 merchants are in violation of STGO 2 of 2022 because they are not adhering to the established regime and are not depositing sales tax received from customers in the national fund.
As of July, the FBR has published a list of 101 large merchants (Tier-1) whose POS systems were to be connected. Due to the lack of integration, they were only eligible for a 60% credit on their input taxes.
There are now 113 large stores (Tier-1) whose POS systems must be connected. Due to a deadline of August 10, 2022, the FBR’s board has agreed to increase sales tax demands against these large shops (Tier-1).
The FBR has indicated that the input tax claim of all Tier-1 shops for the month of August 2022 would be denied when they file their sales tax return.
The FBR’s notice further indicated that a system-based strategy has been chosen in order to implement this provision of legislation.
Exclusion from the list of designated Tier-I will be handled in accordance with STGO 17 of 2022, which was issued on May 13, 2022, according to FBR.
For the latest Business & Tech news, follow on Facebook, and Google News. For the latest news on business & technology
