LAHORE: The Federal Board of Revenue (FBR) is set to integrate 70 percent retailers with Point of Sale (POS) integration by the end of the current fiscal year, said reliable sources. Sources said the FBR was actively pursuing the target these days and a large number of Tier-1 retailers have joined the online registration of sales with the FBR. Meanwhile, the field formation teams have also pointed out those who are abstaining from joining it, they added.
It may be noted that the FBR had extended the deadline for November 30, 2020, which has been extended once again.
When contacted to Special Assistant to Prime Minister on Revenue Dr Waqar Masood, he confirmed the developments, saying that the FBR was estimating registration of some 4,000 retailers with POS integration system. According to him, these four thousand retailers have over 20,000 branches and outlets throughout the country.
Dr Masood said the FBR would get register 70 percent of the retail business of the country in case it can integrate 4000 principal and their 20,000 branches by the end of the current fiscal year. "We are wasting no time and are dead sure to meet the target during the current fiscal," he expressed hope.
When pointed out that the retailers have been agitating over the criteria set for the minimum area for shops as well the limit of electricity bills for mandatory registration of tier-1 retailers with a demand of their upward revisions, Dr Masood said the FBR was well in touch with the associations of these retailers and no stone would be left unturned in mitigating their concerns.
The POS integration system was designed by the FBR some two years back but repeated changes at the helm of affairs in the FBR has been proving a stumbling block in its successful implementation. Especially, the whole process had been put on the backburner when former FBR chief Shabbar Zaidi had stopped the field formation officers to interact with taxpayers.
Accordingly, the concerned department had no option but to keep deferring the deadlines one after another. Interestingly, another deadline of November 30 has passed but the mission is unaccomplished.
Copyright Business Recorder, 2020
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