Corporate tax office seals three retail outlets in Karachi

Shahnawaz AkhterWeb Editor

10th Aug, 2021. 01:42 am
Corporate tax office

KARACHI: The Corporate Tax Office (CTO) Karachi has sealed three business outlets for non-compliance to integrate with the Point of Sale (POS) system of the Federal Board of Revenue, a statement said.

The Corporate Tax Office Karachi sealed three businesses, including Salam’s and Sons; Kurta Corner; and Bin Dawood for no-compliance to integrate with the Point of Sale system.

The revenue board has introduced a POS integration system for Tier-1 to monitor the sales of big retailers across the country.

As per the Sales Tax Rules, 2001, all Tier-1 retailers are required to integrate their outlets with the FBR’s computerised system for real-time reporting of sales in the mode and manner prescribed in the rules.

Dr Aftab Imam, chief commissioner of the CTO Karachi, issued directives in this regard; therefore, to integrate Tier-1 the tax office issued show-cause notices to all big retailers to voluntarily integrate with the POS system.

As a result of this drive, several Tier-1 retailers have integrated themselves with the system. However, those registered persons who failed to integrate with the POS system will be sealed in the next phase of the POS integration drive.

The statement said all Tier-1 retailers have been directed to voluntarily integrate with the POS system at once.

“In case of non-integration with the FBR’s computerised system, i.e., POS, strict action would be taken across-the-board under the provisions of the Sales Tax Act, 1990,” it added.

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