| 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.
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.
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