ISLAMABAD: Federal Bureau of Revenue Chairman Shabbar Zaidi has said the tax collection authority would launch an automated ‘Point of Sale’ for all large retailers from next month.
This step will help FBR bring potential retailers in tax net.
In a post on a Twitter, the FBR chairman said, “FBR will launch automated ‘Point of Sale’ (POS) for all large retailers from next month. All largescale retailers are suggested to integrate with the system. This will greatly assist such retailers as in such cases personal interaction with FBR will be minimized.”
He also termed the move “a way forward”.
FBR will launch automated ‘Point of Sale’ (POS) for all large retailers from next month. All large scale retailers are suggested to integrate with the system. This will greatly assist such retailers as in such cases personal interaction with FBR will be minimised. A way forward.
— Syed Shabbar Zaidi (@ShabarZaidi) November 23, 2019
Top official sources said that computerised machines will be installed at mega retail stores and shopping malls that will be linked with the FBR system in order to avoid tax evasion worth billions of rupees.
FBR also plans to come up with gift scheme for those customers through balloting who will get computerised receipts of purchases through computerised installed machines.
At the first stage, the FBR plans to establish its linkages at point of sale at giant retailers and shopping malls located in posh areas. The tax regulating authority plans on targeting a few thousand mega retailers at luxurious shopping malls.
“We will bring mega retailer chains and shopping malls in tax net as thousands of retailers POS will be linked with the FBR’s software as it will help achieve documentation of the economy,” sources said.
In the past all efforts made by the FBR have failed to fetch the desired results so this time technology would be utilised to expand the narrowed tax base by bringing retailers into tax net.
Sources added that FBR could not handle millions of retailers so the new rules going to be issued shortly would give clear message to the giants.
The officials added that giant retailers of textile sector would link their point of sale terminals with FBR’s online system.
The trials of Electronic Point of Sale integration with FBR has already been completed successfully. More than 50 top retailers in Pakistan will have their point of sale terminals linked to FBR systems within 45 days.
Presently, the FBR rules apply to supplies of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leather, as are made by the registered persons who are integrated with the bureau’s online system for the purpose of availing lower rate on supplies.
The integrated suppliers shall notify the bureau, through the computerised system, of all their outlets, hereinafter referred to as notified outlets, from which they intend to sell the supplies subject to lower rate as specified in the said condition and the integrated supplier shall register each point of sale (POS) to activate the integration.