Islamabad: The Federal Board of Revenue (FBR) has announced its decision to issue new rules to bring mega-retailers and shopping malls into the tax net through the point of sale (POS) system, according to the news sources.
In a bid to increase the tax revenue, FBR will install computerised machines at mega retail stores and shopping malls, and link them with the department’s own system to prevent tax evasion that could amount to billions.
Initially, this scheme will be launched in posh areas, along with a gift scheme for customers who get computerised receipts through these machines as an added incentive.
The department has already forwarded rules to bring mega retail brands and shopping malls with an area of 1,000 sq ft and more, to the Ministry of Law for approval. Included in these rules is the condition of computerised national identity card (CNIC), which FBR assures isn’t applicable on small retailers.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
