Tag: Wholesalers

  • FBR grants importers, wholesalers direct access to digital invoicing

    FBR grants importers, wholesalers direct access to digital invoicing

    The Federal Board of Revenue (FBR) has granted permission to importers, manufacturers, and wholesalers/dealers/distributors of fast-moving consumer goods to seamlessly integrate their electronic invoicing system with the FBR’s digital invoicing platform, eliminating the requirement for licenced integrators.

    The clarification, issued by the FBR, states that starting from February 1, 2024, entities involved in the import, manufacturing, wholesale, and distribution of fast-moving consumer goods must electronically transmit sales tax invoices.

    To ease the process for registered individuals, the FBR emphasises that until licenced integrators are officially designated, those notified under S.R.O. 28 of Sales Tax should integrate their electronic invoicing system with the FBR’s digital platform, readily accessible on the FBR’s website.

    The FBR has outlined specific categories of registered persons obligated to electronically transmit sales tax invoices, as per rule 150Q of Notification No. 1525(1)/2023 under Chapter XIV of the Sales Tax Rules 2006. This directive is effective February 1, 2024.

    Notably, the mentioned registered persons may request an extension for compliance by submitting an application to the Commissioner of Inland Revenue with jurisdiction, citing plausible reasons. In the context of this notification, “fast-moving consumer goods” refers to consumer goods supplied in retail markets based on daily consumer demand, excluding durable goods, according to the FBR’s definition.

  • Karachi wholesale grocers announce market shutdown in protest against alleged illegal raids, fines

    Karachi wholesale grocers announce market shutdown in protest against alleged illegal raids, fines

    Wholesalers in Karachi are set to stage a market shutdown on Monday in protest of what they consider unlawful raids and penalties imposed by the district administration in an effort to combat hoarding.

    According to ARY News, Rauf Ibrahim, the Chairman of the Karachi Wholesale Grocers Association (KWGA), held a press conference today, expressing concern that the district administration’s actions have created fear among traders due to shop and go-down closures. 

    He cautioned that they would cease operations at wholesale markets on Monday unless the district administration unseals these establishments. He said if these unjust raids and fines persist, we will suspend commodity markets on Monday.

    Ibrahim alleged that the district administration is sealing shops and go-downs under the pretext of cracking down on hoarding. He cited an instance where a shop owner in Joria Bazar was fined Rs30,000 for storing just two sacks of sugar.

    He criticised the categorisation of wholesalers with 100 to 500 sacks of sugar as hoarders and stressed that traders are willing to cooperate with authorities during hoarding crackdowns.

    Ibrahim urged the administration to take decisive action against genuine hoarders.

    To combat hoarding, federal and provincial governments have initiated operations in various cities, including Lahore, Rawalpindi, Islamabad, Faisalabad, Peshawar, Quetta, and Dera Ismail Khan, resulting in the confiscation of illegally stockpiled sugar.

    Meanwhile, a spokesperson for the Utility Stores Corporation (USC) assured that there is an ample supply of sugar available at controlled prices nationwide.