Forex dealers, ECs, others: e-integration with FBR made mandatory

ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for foreign exchange dealers/exchange companies, clubs, private educational institutions, private hospitals, restaurants/hotels/guest houses/marriage halls, courier services, beauty parlours, health clubs, medical services, pathological laboratories, chartered accountants and retailers to electronically integrate with the FBR and register all their points of sales (POS).

The FBR has issued an SRO428 (I)/2024 to amend Income Tax Rules, 2002 on Friday.

From July 1, 2024, the Integrated Enterprises shall make all payment counters comprising of point of sale at each outlet available for installation of the systems, the FBR said.

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These taxpayers and service providers will install such fiscal electronic device and software, as approved by the Board. The businesses shall notify to the Board, through the Computerized System, of all the establishments, from which they intend to carry on business and shall register each point of sale (POS) to activate the integration.

Under the SRO428 (I)/2024, a licensed integrator, who wants to supply an electronic fiscal device and software must apply to the Board for the licence.

The fiscal electronic device and software would be installed by foreign exchange dealers/exchange companies; private schools, colleges, universities, professional institutes/vocational training centers; restaurants, hotels, motels, guest houses, marriage halls, marquees, clubs including race clubs; inter-city travel by road; courier services and cargo services provided for personal care by beauty parlours, clinics and slimming clinics, massage centres, pedicure centres.

The integration with the FBR will be done by all medical service providers including dentists, physiotherapists; plastic surgeons, hair implant surgeons and veterinary doctors; pathological laboratories, medical diagnostic laboratories including X-Rays, CT Scan, MR Imaging etc; private hospitals or medical care centres providing medical consultation, hospitalization or other ancillary services; health clubs, gyms, physical fitness centres, swimming pools and multipurpose clubs such as Lahore gymkhana, Islamabad club, Chenab Club, Karachi gymkhana, Royal Palm Lahore, Polo club etc operated by any civilian/non-civilian administration; photographers, videographers and event managers; Cost and Management Accountant and retailers including manufacturer cum-retailer, wholesaler-cum retailer, importer-cum-retailer or such other person who combines the activity of retail sale with another business activity, the FBR added.

The FBR has also issued details of exclusions where integration with the FBR system would not be required under SRO428 (I)/2024.

Copyright Business Recorder, 2024