KARACHI: METRO Pakistan in collaboration with the Federal Bureau of Revenue (FBR) has completed integration of all its Point of Sales (POS) with the latest Electronic Device System (EDS) introduced by the FBR.

The state-of-the-art system will allow the small retailers, medium retailers, and large tier-1 retailers to report and record their sales in real-time for taxation purposes and will ensure the sales tax paid by the customers at the POS counter and the GST at the cash counter will be deposited in the system.

The inauguration ceremony for the new system was held at METRO Store Islamabad with a live demonstration. Dr. Waqar Masood Khan, the Special Assistant to Prime Minister on Revenue, was the Chief Guest, whereas Dr Philipp Deichmann, Deputy Head of Mission, Embassy of Federal Republic of Germany in Pakistan, graced the occasion as the Guest of Honor, along with number of other of distinguished guests from the business community.

Speaking at the ceremony, Marek Minkiewicz, Managing Director METRO said, “METRO Pakistan is a prime example of foreign investment and fully respects the laws of the land, maintains its global high standards for social responsibility, and cooperates with the Government to the extent possible. METRO Pakistan supports and strengthens the documented economy and is an important exchequer collector.

It is one of the largest tax collector in shape of Sales Tax and Income Tax in the Wholesale/Retail sector, from its Customers and Suppliers, and depositing the same in Government treasury. On average METRO Pakistan is collecting Rs8.1 billion per annum.”—PR

Copyright Business Recorder, 2021