ISLAMABAD: The Federal Board of Revenue (FBR) has assigned new targets to the field formations for the registration of big retailers (Tier-I) after the deletion of category of covered area for Tier-1 retailers.

Sources told Business Recorder that each Commissioner of Broadening the Tax Base Zone or relevant Commissioner has been assigned to register/integrate at least five Tier-1 retailers per month. In this regard, the FBR has issued instructions to the field formations. The field formations are now facing difficulty in registration of new big retailers after amendment in the law through Finance Act, 2023. The condition of covered area was the key for the registration of big retailers, which has been abolished.

Under the Finance Act, 2023, in order to provide a level playing field to retailers, the category of covered area for Tier-1 retailers has been removed. The sub-clauses (e) and (ga) of clause (43A) of section 2 regarding the requirement of shop area i.e. 2,000 sqft for furniture retailers,1,000 sqft for other retailers, and 300 sqft for jewelers are omitted, it added.

Copyright Business Recorder, 2023