All
 

 

Just in:  

You are here: Home»Editorials»PRA to introduce restaurant invoices monitoring system

PRA to introduce restaurant invoices monitoring system

Punjab Revenue Authority (PRA) has decided to introduce 'Restaurant Invoices Monitoring System (RIMS)' aimed at making food sector compliant to Punjab Sales Tax in a bid to enhance the revenue to the provincial exchequer. Rules in this regard have been drafted which also include a prize scheme to convince the masses for demanding sales tax compliant invoices from the restaurants.

A summary has been sent to the Punjab Chief Minister Shahbaz Sharif for final approval, PRA sources told Business Recorder on Tuesday. During the year 2012-13, food sector services yielded revenue of Rs 1.8 billion, while during the first five months of 2013-14, Rs 1.1 billion have been collected. PRA sources further said that there was a widespread tendency of tax misdeclarations in restaurants operating in Punjab especially those which were not incorporated or not part of international restaurant chains. Even tax amounts received from the customers are misappropriated, the summary claimed.

In order to overcome such traditionally entrenched unhealthy tendency, PRA has prepared a restaurant invoice monitoring system software. The scheme was in principle concurred. The major cornerstones of the proposed scheme were installation of a well protected modem in the invoice generating computer system of the restaurant, real time transmission of invoice data to PRA's central computer system, automated verification of monthly tax declarations through the system.

Now the authority, after discussions with the PRAL, had drafted the Punjab RIMS rules and sent a summary to the Chief Minister Punjab Shahbaz Sharif for final approval. According to the summary appropriate definitions of the words like restaurants, RIMS and video vigilance have been given for the purposes of real time monitoring and distribution of prizes. Application of RIMS has been subjected to advance notification to the restaurant. A method for examination and verification of the existing invoice generated system of the restaurant has been provided.

The authority will also provide training and initial operational help to restaurants. The intentional damage/intervention or violations of RIMS-covered system have been subjected to penal actions including prosecution already covered in the statute book, the summary added.

It is believed that RIMS is going to be a major breakthrough in the history of business documentation of the country. It is hoped that with the implementation of RIMS, Punjab sales tax revenue from restaurants will sharply increase, sources concluded.

Copyright Business Recorder, 2013



 



 
Index Closing Chg%
Arrow DJIA 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln