ISLAMABAD: The Federal Board of Revenue (FBR) announced the deadline of August 31, 2020 for all tier-I retailers to integrate with the point of sale (POS) system. The board also warned retailers that the failure to register will result in a penalty up to Rs1 million. Retailer’s business premises can also be sealed in case of failure to register, FBR informed.
All retailers are required to register with the FBR, who have a network of chain stores throughout the country, located in air-conditioned shopping malls or plazas and their cumulative electricity bill in the last 12 consecutive months exceeds Rs1.2 million.
Furthermore, businesses engaged in bulk import and supply of consumer goods on wholesale basis to retailers as well as consumers with shop size of or above 1,000 square feet must integrate with the point of sale system for real-time reporting.
