AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)

Federal Board of Revenue (FBR) Friday directed all chief commissioners to accelerate installment of Point of Sale (POS) software at mega shopping malls after serious concerns were shown by Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh.

In this regard, the FBR has issued instructions to all chief commissioners across the country to share weekly performance report with Board's headquarters on prescribed format.

The FBR's Regional Taxpayer Office (RTO) Islamabad undertook success campaign for installing POS at posh markets including restaurants and shopping malls on New Year night. The FBR has created a deterrent and now the Tier-1 retailers are showing willingness to install POS at all desired mega shopping malls and restaurants. Now there is need to replicate the strategy of RTO Islamabad in other parts of the country.

According to FBR's instructions to all chief commissioners, the special advisor to the PM on finance and revenues held meeting with the FBR high-ups on January 1, 2020. During this meeting, the advisor showed serious concerns with regard to slow pace of registration of traders in the POS integration exercise.

After deliberations, it has been decided that field formations will take affirmative actions on immediate basis and communicate the compliance to FBR through return fax. To share the updated position, the field formations were instructed to provide information on prescribed format that should be consisted of name of market/area, total number of traders registered with FBR's POS system, actions taken against non-compliance and finally outcome of affirmative steps taken.

The FBR instructed the field formations to send enforcement teams to the markets and enforce forcibly registration in non-compliant traders. The FBR logo will be enforced on those retail outlets which are integrated with the system (soon to be shared on FBR's website).

The FBR instructed the field offices to launch media campaign through public notices and publish advertisements against the non-compliant retailers/traders.

There is need to enforce filing of income tax returns of traders/retailers by due date. There is need to establish control room in each RTO to monitor registration process/POS integration and subsequent activities of traders.

The commissioners shall send daily enforcement progress report to FBR regarding enforcement actions in the markets/areas falling in his respective jurisdiction.

The FBR has instructed the chief commissioners to get required information and submit the reports on weekly basis on prescribed format.

Copyright Business Recorder, 2020

Comments

Comments are closed.