FBR’s new tax documentation drive to particularly target big retailers in Pakistan

They’re planning to install a POS (Point of Sale) system at all these stores after November 30th.

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FBR (Federal Board of Revenue) has been recently running a tax documentation drive and now it is going after big retailers in Pakistan (around 17,000 precisely) that are located in luxurious places across the country and have outlets on more than 1,000 square feet to lift up required taxes.
They’re planning to install a POS (Point of Sale) system at all these stores after November 30th. It is said to be a part of the commitment of the administration to document sale rates of all the big retailers currently working in the country that actually goes in billions.

Shabbar Zaidi, Chairman of FBR, recently tweeted that the FBR is now going after big retailers in Pakistan.

He said, “FBR will launch automated ‘Point of Sale’ for all large retailers from next month. All large scale retailers are suggested to integrate with the system. This will greatly assist such retailers as in such cases personal interaction with FBR will be minimized. A way forward.”
As mentioned by Shabbar Zaidi, the adoption process of this new policy will help the retailers as it is eventually going to minimize the interaction they have with FBR.
Under the point of sale method, the sales of all the big retailers would be reported to FBR in real-time and it will ensure that all the taxes paid by the customers are deposited to the administration. According to Hamid Atiq Sarwar, a policy member, FBR is currently waiting for the retailers to volunteer randomly.
He added:
“We have identified around 17,000 big retailers which will be brought under the POS.”

He further told us that the brands that won’t come forward would be later forced by FBR to register. Retailers that would avoid POS would have to face strict penalties, Sarwar hinted.

Additionally, Hamid Atiq Sarwar clarified that they’re going to introduce new penalties other than closing the retail outlets by the next year 2020 with the new budget approval.

 

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