The Federal Board of Revenue (FBR) has failed to implement the cashback facility to the customers of big retailers under… Read More
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The Federal Board of Revenue (FBR) has failed to implement the cashback facility to the customers of big retailers under which they can get back five percent of the paid sales tax as cashback on eligible goods at approved outlets of Tier-1 retailers.
When Propakistani approached concerned officials to confirm the status of the cashback facility, they said that the FBR wallet accounts are yet not operational, but the FBR is in the process of implementing the system. The cashback refund would be only allowed after verification of data filed by the retailers in his monthly sales tax return with the FBR’s online system, they added.
According to sources, the procedure on cashback to customers shall apply to the customers of Tier-I retailers who have integrated their retail outlets with the board’s computerized system for real-time reporting of sales. All customers of Tier-1 retailers are entitled to redeem five percent of the sales tax paid as cashback on eligible goods of the tax amount as inscribed on the invoice issued by the Tier-I retailers.
Tier-1 covers a retailer operating as a unit of a national or international chain of stores; a retailer operating in an air-conditioned shopping mall, plaza or center, excluding kiosks; a retailer whose cumulative electricity bill during the immediately preceding 12 consecutive months exceeds Rs. 600,000; and a wholesaler-cum-retailer engaged in bulk import and supply of consumer goods on a wholesale basis to the retailers as well as on a retail basis to the general body of the consumers and a retailer, whose shop measures 1,000 square feet in area or more.
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Under the existing rules, all customers of Tier-1 retailers are entitled to redeem five percent of the sales tax paid as cashback on eligible goods of the tax amount as inscribed on the invoice issued by the Tier-I retailers.
To redeem, the cash online, the customer shall log on to the mobile application.
Soon after logging in, an independent FBR wallet account shall be created for each customer.
The approved outlet shall also create an independent FBR wallet account for each customer. An identical FBR wallet account shall be created for each point of sale by the approved outlet. The customer shall verify the electronically-generated invoice through the mobile application.
As soon as the electronically-generated invoice is verified, the system shall automatically calculate the five percent amount of the tax paid on the invoice.
The customer shall transfer the amount determined under sub-rule (7) into his FBR wallet account.
The customer may redeem the earned amount within one month of his purchases accumulated in his FBR wallet account on any approved outlet who shall refund the amount accumulated in the wallet account of the customer after ensuring that the earned amount is transferred from the customer’s wallet account to the approved outlet’s wallet account.
The post FBR Fails to Implement Cashback Facility for Customers of Big Retailers appeared first on .
24/03/2021 03:15 PM
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