CAF-2 · Chapter 18 · Question 13 of 15
A Tier-1 retailer operates a large clothing store but fails to integrate their retail outlet with the FBR's computerized Point of Sale (POS) real-time reporting system. What is the specific penal consequence regarding their input tax under Section 8B?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) B) Their adjustable input tax for the whole of that tax period shall be reduced by 60%.
Explanation
In case a Tier-1 retailer does not integrate his retail outlet in the manner as prescribed, the adjustable input tax for whole of that tax period shall be reduced by 60%.
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