Corporate Tax

Company Tax Bureau seals three retail shops in Karachi

KARACHI: The Karachi Corporate Tax Office (CTO) has sealed three non-compliance offices in order to integrate them into the Federal Board of Revenue’s point of sale (POS) system, a statement said.

The Karachi Corporate Tax Office has sealed three companies, including Salam’s and Sons; Kurta corner; and Bin Dawood for failing to integrate with the point of sale system.

The Revenue Board implemented a Tier-1 POS integration system to monitor sales of large retailers across the country.

Under the 2001 Sales Tax Rules, all Tier 1 retailers are required to integrate their points of sale into the FBR’s computerized system for real-time reporting of sales in the manner prescribed by the rules.

Dr. Aftab Imam, Chief Commissioner of CTO Karachi, gave instructions on this; In order to integrate Tier-1, the tax office has therefore asked all major retailers to voluntarily integrate them into the POS system.

As a result of these efforts, several tier 1 dealers have integrated into the system. However, the registered persons who could not integrate into the POS system will be sealed in the next phase of the POS integration.

The statement said that all Tier 1 retailers have been instructed to voluntarily integrate with the POS system immediately.

“In the event of non-integration with the FBR’s computerized system, ie POS, strict measures would be taken under the provisions of the Sales Tax Act of 1990,” she added.

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