ISLAMABAD: The Federal Board of Revenue (FBR) has introduced new sales reporting rules for mega retail stores and their outlets.

The FBR directed 40,000 mega retail stores and their outlets to connect their sale data with the FBR to report 24-hour sales.

The FBR introduced amendments to sales tax rules, which has also been made compulsory to share 24-hour sales data with FBR system.

According to the FBR, the sale of large stores will be received by the FBR within 24 hours, if not receiving timely accurate data, the aforementioned retailers will be sealed and the authority to de -seal the stores has been given to Commissioner Inland Revenue.

The FBR has stated that the stores will be de-sealed within 24 hours after payment fines while all software -related flaws will be obliged to remove the store.

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Earleir, federal government withdraws important powers from the Federal Board of Revenue (FBR) on the demand of the International Monetary Fund (IMF).

The Federal Cabinet has set up a tax policy office in the Finance Ministry, which has also been issued a notification.

According to the notification, Ministry of Finance has established a Tax Policy Office, separating tax policy formulation from tax collection. The FBR will now be limited to tax collection only and policy-making will fall under the Ministry of Finance.