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FBR for implementation of changes in tax law for big retailers

FBR for implementation of changes in tax law for big retailers

ISLAMABAD: In a bid to broaden sales tax base, the Federal Board of Revenue (FBR) has directed tax offices to implement changes in law regarding sales tax on big retailers.

The FBR said that through Finance Act 2017, the definition of Tier-I retailers had been introduced. Under the amended law of Sales Tax Act, 1990, Tier-1 retailers are required to pay sales tax under the normal regime at standard rate of sales tax at 17 percent.

Tier-1 retailers also have the option to pay sales tax at 2 percent of total turnover provided option for payment of sales tax on the basis of turnover to be exercised by July 15, 2017.

“Field formations are requested to enforce the provisions in letter and spirit to broaden narrow tax base of sales tax and for collection of due tax from Tier-1 retailers,” the FBR said.