{"id":92235,"date":"2023-02-13T16:30:02","date_gmt":"2023-02-13T11:30:02","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=92235"},"modified":"2023-02-13T16:30:04","modified_gmt":"2023-02-13T11:30:04","slug":"fbr-tier-1-retailers-pos-system","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-tier-1-retailers-pos-system.html","title":{"rendered":"FBR notifies 124 Tier-1 retailers to integrate with POS system"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) on Friday (February 10) notified 124 large Tier-1 retailers to register with the Point of Sale (POS) system to continue operations, news sources reported.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-impose-new-taxes-shortfall.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR ready to impose new taxes to bridge shortfall<\/a><\/p>\n\n\n\n<p>In this regard, FBR issued Sales Tax General Order (STGO) 7 of 2023, warning unregistered retailers that their claims for input tax would be denied if they failed to comply with the notice. The FBR also mentioned that the adjustable tax for retailers who do not integrate with the POS system in the prescribed manner will be reduced by 60% as per the Finance Act of 2021. The authority has advised retailers to take the necessary steps to register with the POS system to ensure their businesses run smoothly and are in compliance with tax laws.<\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2023\/02\/FBR-POS-system.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of FBR-POS-system.\"><\/object><a id=\"wp-block-file--media-b241571b-17e6-4f9c-8e7a-199f791f34be\" href=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2023\/02\/FBR-POS-system.pdf\">FBR-POS-system<\/a><a href=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2023\/02\/FBR-POS-system.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-b241571b-17e6-4f9c-8e7a-199f791f34be\">Download<\/a><\/div>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-tax-law-increase-revenue.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR to enact tax law amendments to increase revenue<\/a><\/p>\n\n\n\n<p>It is important to note that the FBR issued a similar notice in August 2022, encouraging retailers to integrate with POS systems for real-time tax collection data. The authority has launched the system in 2020 to increase the tax net, bring more tax defaulters into the fold, and achieve the PKR 7.4 trillion tax target.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) on Friday (February 10) notified 124 large Tier-1 retailers to register with the Point of Sale (POS) system to continue operations, news sources reported.\u00a0 Read: FBR ready to impose new taxes to bridge shortfall In this regard, FBR issued Sales Tax General Order (STGO) 7 of 2023, warning unregistered retailers that their claims for input tax would be denied if they failed to comply with the notice. The FBR also mentioned that the adjustable tax for retailers who do not integrate with the POS system in the prescribed manner will be reduced by 60% as per the Finance Act of 2021. The authority has advised retailers to take the necessary steps to register with the POS system to ensure their businesses run smoothly and are in compliance with tax laws. Read: FBR to enact tax law amendments to increase revenue It is important to note that the FBR issued a similar notice in August 2022, encouraging retailers to integrate with POS systems for real-time tax collection data. The authority has launched the system in 2020 to increase the tax net, bring more tax defaulters into the fold, and achieve the PKR 7.4 trillion&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,54453,50576,18032,56293],"persona":[],"class_list":{"0":"post-92235","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr","9":"tag-fbr-news-and-updates","10":"tag-fbr-pos-system","11":"tag-fbr-sales-tax","12":"tag-the-fbr-also-mentioned-that-the-adjustable-tax-for-retailers-who-do-not-integrate-with-the-pos-system-in-the-prescribed-manner","13":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR notifies retailers to integrate with POS system- Zameen News<\/title>\n<meta name=\"description\" content=\"The FBR also mentioned that the adjustable tax for retailers who do not integrate with the POS system in the prescribed manner\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-tier-1-retailers-pos-system.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR notifies retailers to integrate with POS system- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The FBR also mentioned that the adjustable tax for retailers who do not integrate with the POS system in the prescribed manner\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-tier-1-retailers-pos-system.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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