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26 December 2018

KARACHI: The Federal Board of Revenue (FBR) has allowed retailers of textile and leather sectors to register their point of sales (POS) by December 21 to avail reduced rate of sales tax. The FBR in a notification on Tuesday said the registration of POS was closed by November 27, 2018. “However, registered persons are approaching the FBR for extension of time period for getting their POS registered,” the notification said.

The FBR has offered retailers to register their outlets and link with FBR online system for real-time checking of sales and purchases, and avail sales tax rate at six percent instead of nine percent. The scheme was introduced through SRO 1360(I)/2018 for the supplies of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leather under SRO 1125(I)/2011 dated December 31, 2011.

The taxpayers, after the registration, were required to upload past data of sales starting from July 1, 2018. Through latest notification, the FBR allowed to upload past data within two months instead of previously allowed 15 days. The FBR said registered persons were required to install such fiscal electronic device and software, as approved by the FBR for configuration and integration. According to the new integrated system, suppliers would notify the FBR, through the computerised system, of all their outlets from which they intended selling the supplies subject to lower rate, and the integrated supplier should register each POS to activate the integration.