Islamabad April 29, 2020: Federal Board of Revenue (FBR) through notification no. S.R.0.344(I)/2020 has allowed All Tier-1 retailers who have integrated all their POSs with the Board to adjust input tax to the extent of 95% of output tax.
Earlier on October 2, 2019, FBR issued a notification no. S.R.O. 1190(1)/2019 in which retailers who were importing goods in bulk and operating chains of stores were allowed to adjust input tax to the extent of 95% of output tax. Now, FBR has substituted this entry and allowed only those tier-1 retailers who have integrated their POSs with Board in terms of Chapter XIV-AA of Sales Tax Rules, 2006 to adjust input tax up to 95% of the output tax.
