Karachi: The Federal Board of Revenue (FBR) has stated that it will impose a monetary penalty on importers and manufacturers who fail to comply with the legal requirement of retail price printing, according to news sources.
All chief collectors and collectors of Pakistan Customs have been informed by an official memorandum regarding the implementation of penal provision in case of non-compliance of retail printing regulations.
An amendment related to this penalty has already been introduced to the Sales Tax Act, 1990 during the promulgation of Tax Laws (Second Amendment) Ordinance 2019 earlier this month.
The amendment states that any manufacturer or importer of taxable items will be liable to pay a penalty of PKR 10,000 or 5% of the amount of the tax involved, if he/she fails to print the retail price in the prescribed manner.
Moreover, these goods will also be subject to confiscation. The adjudication authority, however, may allow redemption of confiscated goods on payment of a fine, which will not be less than 20% of the total retail price of such goods.
The Finance Act 2019 made it mandatory for imported consumer items (subjected to Third Schedule of Sales Act 1990) will be cleared on retail print basis. The condition was implemented from July 1, 2019, onwards.