ISLAMABAD: The Federal Board of Revenue (FBR) has decided to expand the Invoice Monitoring System (IMS) to big retailers to curb tax theft.
After a pilot project bring required results in Islamabad the invoice monitoring system will be expanded to the whole country, FBR sources said.
The pilo project characterizing installation of an electronic invoice monitoring system will figure out the actual magnitude of the sales in beauty parlours, retail outlets and bakeries.
The decision was taken in a high-profile meeting of the taxation authority with the agenda of the installation of Invoice Monitoring System to keep an eye on actual sales.
The system while generating the receipt for the customer, will automatically send the copy of the billing to FBR office through which the bureau’s sub-offices would not only know the actual sales of the outlet falling in their jurisdiction but would also have the data of sales tax charged on each consumer.
The system has been installed in over 300 restaurants in the federal capital. Its scope will be extended to other eateries, retail stores and salons very soon.
Moreover, web-based Invoice Monitoring System had fully become operational through which the computer systems of restaurants were being integrated with FBR headquarters and the sales invoice data of restaurants was being monitored by FBR on a real-time basis.
The FBR officials expect that the system would help in curbing the widely prevalent tax theft that in the country.
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