Karachi: The Federal Board of Revenue (FBR) is considering to digitally integrate the customer transactions of all of the country’s service providers in a manner similar to the large retailers — in a bid to extend the tax net to the sector popularly deemed to be ‘the biggest contributor’ to the economy, according to news sources.
As
per the FBR’s outline, 12 sectors are included in this new proposed law; hotel
industry, restaurants, intercity road transporter, courier, personal care or
beauty salons, medical professionals, photographers, accountants, laboratory,
hospitals, and health clubs, among others. The board has issued a draft of the
rules which will make it mandatory for service providers to install Electronic
Fiscal Devices (EFD) to record their transactions.
Under these rules, no sales or services will go unrecorded by the duly accredited EFD at the notified establishments. A system of combined one sale data controller and POS will be introduced at companies that fall under the Income Tax Ordinance, 2001.
Considering
the income capacity of the said sectors, FBR seeks to bring them under the tax
net. The board has already initiated businesses’ integration under sales tax by
making installation of point of sale (POS) system mandatory for tier-1
retailers. Officials in the Regional Tax Offices (RTO-II) Karachi have revealed
that a physical survey has already been conducted to gather data of such
service providers.
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.
