Islamabad: The Federal Board of Revenue (FBR) recently announced that 286 retailers had integrated a total of 5,783 Point of Sales (PoS) systems with the tax authority, a news source reported. As per the publication, this development is expected to help the FBR in reporting the retailers’ sales tax invoices in real-time.
The statement issued by the taxation authority said that progress was possible due to the continuous effort of the FBR and its field formations. Previously, the board had prescribed the electronic integration of PoSs of all tier-1 retailers in the textile and leather sectors in the Financial Budget 2018-19. With this measure, it aimed to ensure the correct reporting of sales by these retailers and the collection of due taxes from them.
The FBR had initially kept the integration of PoSs as optional. However, to encourage retailers to integrate their systems, the board had introduced the incentive of reduced sales taxes for those willing to follow the tax authority’s directives in this regard.
The taxation authority then amended the Sales Tax Act 1990 through the Finance Act 2019 in order to introduce the provisions for mandatory integration of PoSs. It also provided a deadline of December 15, 2019 for retailers to integrate their systems.
To facilitate the retailers on this front, the FBR has been conducting
meetings, workshops, and seminars across the country. Additionally, the board
has tasked focal persons with assisting the retailers, as well as establish help
desks, and upload support material on the PoS page of its official website.
