Pakistan: The Federal Board of Revenue (FBR) plans to fine major retailers Rs500,000 for each “non-certified receipt” issued to customers. This action targets Tier-1 retailers who are not correctly reporting sales tax.
Under the new plan, retailers who issue incorrect receipts will be hit with heavy fines. Consumers who report these non-certified electronic receipts will be rewarded. This move aims to improve tax reporting and compliance.
The FBR previously advised Tier-1 retailers in the textile and leather sectors to use electronic point-of-sale (POS) systems. These systems help ensure that sales and tax information is reported to the FBR in real time. Retailers must install special software provided by the FBR for this purpose.
In 2022, the FBR introduced a POS invoicing prize scheme to promote tax compliance. This scheme offers cash prizes in monthly draws to consumers who report certified receipts, encouraging better tax practices and economic documentation.
