AIRLINK 79.41 Increased By ▲ 1.02 (1.3%)
BOP 5.33 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.38 Increased By ▲ 0.05 (1.15%)
DFML 33.19 Increased By ▲ 2.32 (7.52%)
DGKC 76.87 Decreased By ▼ -1.64 (-2.09%)
FCCL 20.53 Decreased By ▼ -0.05 (-0.24%)
FFBL 31.40 Decreased By ▼ -0.90 (-2.79%)
FFL 9.85 Decreased By ▼ -0.37 (-3.62%)
GGL 10.25 Decreased By ▼ -0.04 (-0.39%)
HBL 117.93 Decreased By ▼ -0.57 (-0.48%)
HUBC 134.10 Decreased By ▼ -1.00 (-0.74%)
HUMNL 7.00 Increased By ▲ 0.13 (1.89%)
KEL 4.67 Increased By ▲ 0.50 (11.99%)
KOSM 4.74 Increased By ▲ 0.01 (0.21%)
MLCF 37.44 Decreased By ▼ -1.23 (-3.18%)
OGDC 136.70 Increased By ▲ 1.85 (1.37%)
PAEL 23.15 Decreased By ▼ -0.25 (-1.07%)
PIAA 26.55 Decreased By ▼ -0.09 (-0.34%)
PIBTL 7.00 Decreased By ▼ -0.02 (-0.28%)
PPL 113.75 Increased By ▲ 0.30 (0.26%)
PRL 27.52 Decreased By ▼ -0.21 (-0.76%)
PTC 14.75 Increased By ▲ 0.15 (1.03%)
SEARL 57.20 Increased By ▲ 0.70 (1.24%)
SNGP 67.50 Increased By ▲ 1.20 (1.81%)
SSGC 11.09 Increased By ▲ 0.15 (1.37%)
TELE 9.23 Increased By ▲ 0.08 (0.87%)
TPLP 11.56 Decreased By ▼ -0.11 (-0.94%)
TRG 72.10 Increased By ▲ 0.67 (0.94%)
UNITY 24.82 Increased By ▲ 0.31 (1.26%)
WTL 1.40 Increased By ▲ 0.07 (5.26%)
BR100 7,526 Increased By 32.9 (0.44%)
BR30 24,650 Increased By 91.4 (0.37%)
KSE100 71,971 Decreased By -80.5 (-0.11%)
KSE30 23,749 Decreased By -58.8 (-0.25%)

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.