LAHORE: The Federal Board of Revenue (FBR) is set to finalize the issues hindering smooth implementation of Point of Sale (POS) integration by the end of current quarter of the fiscal year, said sources.

They said the deadlines have been extended again and again due to multiple reasons. Earlier, they said, a delay took place due to the instructions of former chairman FBR Shabbar Zaidi that there should be no interaction between taxpayers and collectors, resulting into a halfway suspension of surveys of shopping areas fit for POS integration. Accordingly, the field formations had no option but to suspend surveys and extend deadline. Later on, the whole exercise has been plagued with the spread of Covid-19.

However, the new management at the FBR is quite committed to resuming activities to finalize the system in order to enhance revenue generation. Talking to the Business Recorder, Special Advisor to Prime Minister on Revenue, Dr Waqar Masood said the FBR was quite committed to resuming activities in order to integrate the retailers with the system.

He said majority of shopping areas and retail outlets have already been part of the system and reporting their sales on the FBR system. The remaining one would be finalized by the end of the current quarter of the fiscal year, he added.

Meanwhile, the retailers of cash and carry shops are not happy with an increase in the minimum tax to 1.5% from earlier 0.5 percent on turnover, saying that they would not be able to continue with such a rigorous tax regime.

Munir Ahmed, an owner of a cash and carry outlet in the outskirts of the city, told this scribe that he was in the process of selling out his outlet while foreseeing tough time ahead. Already, he said, no one was ready to submit a copy of CNIC to the wholesalers and majority of transactions are taking place on fake identities. This situation would turn into a big scam once unearthed by the FBR, he said.

Copyright Business Recorder, 2021

Comments

Comments are closed.