17,000 major retailers on FBR’s tax radar

17,000 major retailers on FBR’s tax radar

ISLAMABAD: As many as 17,000 major retailers housed in luxurious shopping malls, retail chains and stores occupying 1,000 square feet or more space are in the spotlight with the Federal Board of Revenue (FBR) announcing a system of direct documentation of due taxes.

To curb tax evasion worth billions of rupees, a drive for installation of automated ‘Point of Sale’ (POS) system at these outlets will be initiated after December 1 as part of the government’s plan to ensure rightful payment and filing of taxes.

“All large scale retailers are suggested to integrate with the system,” read FBR Chairman Syed Shabbar Zaidi’s statement on Twitter.

The official said that the implementation of the system will not only help the retailers minimise their interactions with FBR, but will also ensure real-time reports of sales each time a transaction takes place.

At present, only 3,500 major retailers have registered with the FBR through POS.

“We have identified around 17,000 big retailers which will be brought under the POS,” said Member Policy Hamid Ateeq Sarwar, adding that the revenue body has given the retailers a chance to register voluntarily.

Sarwar said that in case of non-compliance, the FBR is considering stringent policies that may include closure of stores that refuse to adopt the POS.

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