FBR seals Islamabad’s Saeed Book Bank over tax evasion

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday sealed Islamabad’s iconic Saeed Book Bank in Sector F-7 over alleged tax evasion.

Deputy Commissioner RTO Islamabad Awais Ishaque said the store was sealed for failing to integrate its sales with the FBR’s Point of Sale (POS) system, a mandatory requirement under tax regulations.

The action comes as part of the FBR’s ongoing nationwide crackdown on businesses not complying with the POS integration system, which enables real-time monitoring of sales and tax collection.

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Saeed Book Bank, considered one of Asia’s largest bookstores, covers 42,000 square feet over three floors, showcases around 200,000 titles, and holds more than four million books in its five warehouses.

The bookstore, located in F-7 Jinnah Supermarket, is frequented by international diplomats, tourists, and avid readers. 

In 2023, the bookstore faced a delay in receiving its $4000 worth of books ordered from London due to the State Bank of Pakistan’s (SBP) restrictions (on import of certain items).

Later, on the intervention of the then caretaker prime minister Anwaarul Haq Kakar, the SBP officials jumped into resolve the matter of the delayed import.

The store’s owner, Qureshi, passed away at the age of 77 in 2015. He left behind two sons, three daughters and several grandchildren. He is remembered for his strong business ethics and passion for books.

Born in Sindh, Qureshi opened the first branch of Saeed Book Bank in Peshawar in 1964 before establishing the flagship Islamabad branch, which became a landmark for readers across the country.

Web Desk