Friday, September 17, 2021

FBR plans implementation on POS by July end to bring retailers into tax net

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ISLAMABAD: Federal Board of Revenue (FBR) on Friday announced that it would begin implementation of the point of sales (POS) system by the end of July, bringing retailers into the tax net, ARY NEWS reported.

According to the FBR, a mechanical system would be introduced for tax collection from retail shops, shopping malls, and departmental stores.

“We will complete the survey of tiles and sanitary market in Gulbahar during the ongoing month and will begin tax collection through the mechanism by July end,” Commissioner FBR Kazi Afzal said and added that a 200 percent increase in point of sales is expected in the ongoing month.

He said that point of sales will increase to 150 by July 31. The commissioner further said that some reservations have been shared by the tiles association, however, they would be resolved after talks.

Kazi Afzal further shared that a survey for furniture markets in Nursery and Manzoor Colony has also been completed and notices of Rs 1 million fine would be issued to retail shopkeepers for introducing point of sales mechanism.

The bakeries and nimco shops will also have to register under the mechanism and 400 notices have been issued to them for registration.

Read More: FBR’S ‘HISTORIC’ TAX COLLECTION IN FY2020-21 TESTIMONY TO ‘STRONG ECONOMIC REVIVAL’: PM

It is pertinent to mention here that the Federal Board of Revenue (FBR) released provisional revenue collection figures for the fiscal year 2020-21, on July 01 according to which, it collected net revenue of Rs4,732 billion during the Jul-June period, which exceeded the target of Rs4, 691 billion by Rs41 billion.

This represents a growth of about 18% over the collection of Rs3,997 billion during the same period last year.

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