The Federal Board of Revenue launches Automated ‘Point of Sale’ for large retailers in Pakistan to bring potential retailers in the tax net. All largescale retailers are integrated with this system. This is great assists, such retailers, as in such cases personal interaction with FBR will be minimized.
Under the terms of the FATF, the FBR has enacted legislation to regulate accountants, jewelers, and real estate agents. Under the law, details of transactions with consumers must be provided.
Computerized machines will be installed at mega retail stores 24 top designers designing luxury wedding dresses and shopping malls that are linked with the FBR system in order to avoid tax evasion worth billions of rupees.
FBR launches Automated ‘Point of Sale’ for large retailers in Pakistan
Federal Board of Revenue (FBR) has determined to go after approximately 17,000 huge retailers positioned in luxurious purchasing malls, retail chains, and shops having 1,000 square toes measurement throughout Pakistan of a to elevate due taxes.
The drive for setting up of computerized ‘Point of Sale’ (POS) device at these stores will be initiated after Dec 1 as the phase of the government’s commitment to reporting the income of massive outlets who are currently evading the fee of taxes, which runs into billions.
FBR Chairman Shabbar Zaidi took to twitter and announced that the tax physique will launch automatic POS for all giant outlets from next month. “All giant-scale outlets are recommended to integrate with the system,” he said. The adoption of the system, according to the chairman, will considerably aid retailers as in such cases personal interaction with FBR will be minimized. Currently, there are only 3,500 big shops registered through POS. At these stores, computerized machines are set up linking the sales proceeds with the FBR machine to test on tax evasion. Under POS, huge shops will file their income in real-time with FBR to make it positive that tax amassed from buyers at the money counter is absolutely deposited with the government.
“We have identified around 17,000 huge outlets which will be added underneath the POS,” Member Policy Hamid Ateeq Sarwar told Dawn, including that FBR is waiting for voluntary responses from these stores. He said in case they did no longer come below the system, FBR will be left with no preference however to register them forcefully. He additionally hinted at the introduction of stringent penalties for those who did avoid POS, with the viable closing of shops. But Sarwar clarified that principal penalties will be brought in the subsequent six months, perchance with the new finances for 2020-21.