The Federal Board of Revenue (FBR) introduced a new cash back procedure for customers here on Wednesday.Customers who shop at major stores, including those in malls, are entitled to 5 percent of the sales tax paid under the Cashback Facility for Qualified Goods at authorized Tier 1 dealers.
Customers can take advantage of the "Qualified Goods" option, ie goods for which VAT has been paid at the standard rate or at a reduced rate of 12% according to serial number 66 in Table I of the sixth VAT addendum. 1990.
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In accordance with the procedure, the provisions of this chapter apply to customers of Tier I dealers who have integrated their stores into the computer system of the Board of Directors to report sales in real time. All Tier 1 dealer customers are entitled to a 5 percent refund of the VAT paid as refund of eligible goods for the amount of tax stated on the Tier I dealer invoice.
Under the rules, the customers of all Tier 1 dealers are entitled to 5% of the VAT paid as cash back on qualifying goods, corresponding to the amount of tax stated on the Tier I dealer invoice.
To redeem the money online, the customer must log in to the mobile application.
Shortly after registration, an independent FBR wallet account will be created for each customer. The approved point of sale also creates an independent FBR wallet account for each customer. An identical FBR wallet account is created for each point of sale by the approved point of sale. The customer checks the electronically generated invoice via the mobile application.
After the electronically generated invoice has been verified, the system automatically calculates the amount of 5% of the tax paid on the invoice. The customer must transfer the amount determined in accordance with sub-rule (7) to his FBR wallet account.
The customer can redeem the amount earned on their FBR wallet account within one month of purchase at an authorized retailer that will refund the amount accrued on the customer's wallet account after ensuring that the amount earned from the customer's wallet account to the wallet account will be transferred. the authorized retailer.
The approved point of sale adjusts the amount refunded to the customer, which is automatically uploaded from the wallet account of the approved point of sale to the approved point of sale for the relevant tax period by automatically adjusting the output tax due, FBR added.
