LAHORE: The Punjab government is all set to integrate its Electronic Invoice Monitoring (e-IMS) System with the Federal Board of Revenue's (FBR) Point of Sales (POS) system.
According to sources from Punjab Revenue Authority (PRA), necessary arrangements are on its way to achieve the goal.
They said the integration of PRA e-IMS with POS system will simplify tax processes for taxpayers as they will not require integration with two separate system of two revenue organizations.
According to the Authority, this will also reduce procedural redundancies. The integration is also expected to curb tax evasion by minimizing reliance on manual receipts as well as it will be pivotal in documentation of transactions thus helping in documentation of economy.
Furthermore, the rollout of integration plan will be completed in phases: in first phase e-IMS-POS integration for restaurants will be made till the end of December this year whereas this will be extended to other sectors before the end of February next year.
It is also pertinent to mention that the PRA is already on its way to integrate the data of e-IMS with its return which is also a step towards simplification of the tax process for the taxpayers and elimination of duplication of efforts.
For restaurant owners, they said, the system will streamline invoice generation, further enhancing efficiency and compliance.
Copyright Business Recorder, 2024
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