A seminar on "Point of Sales (POS) Integration of Tier-1 Retailers, jointly organized by the Lahore Chamber of Commerce & Industry and Federal Board of Revenue here on Monday.
Member IT FBR Asim Ahmad, Chief Commissioner Inland Revenue Ahmad Shuja Khan, LCCI office bearers and experts from various sectors spoke on the occasion while a large number of representatives of trade and industrial associations were present on the occasion. FBR officials also gave presentations during the seminar.
The experts informed the participants of the seminar that POS invoicing system is a real-time sales documentation system that will link the electronic systems at the outlets of all tier-1 retailers with the FBR via the internet.
Point of sales refers to the location where a retail transaction, either sale or purchase, is carried out. POS system is basically a computerized system that records sales data, manages inventory and maintains customer data, the experts said.
FBR has launched the automated Point of Sale for all large retailers. All large-scale retailers are suggested to integrate with the system. This will greatly assist such retailers as in such cases personal interaction with FBR will be minimized, they said.
This system will not only end periodic inspections by the Federal Board of Revenue but will also help retailers prepare their sales tax returns without much hassle. Tier-1 covers a retailer operating as a unit of a national or international chain of stores; a retailer operating in an air-conditioned shopping mall, plaza or center.
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