ISLAMABAD: Finance Minister Shaukat Tarin has directed establishing a cell at the Federal Board of Revenue (FBR) headquarters to fast track the progress on the Point of Sale (POS) integration.
Tarin, in a meeting with the FBR officers held at the FBR headquarters, on Tuesday, discussed devising a strategy to increase integration of retailers with the Point of Sale (POS) System of the bureau.
He further directed to determine the total volume of sales by retailers to effectively tap the revenue generation through the POS system after adjustment of input and output taxes.
The meeting also discussed the way forward to bring identified potential taxpayers into the tax net.
Special Assistant to the Prime Minister on Finance and Revenue Dr Waqar Masood and FBR Chairman Asim Ahmad along with other members of the FBR were present in the meeting.
The FBR chairman, while briefing the meeting said that the licensing of the IT companies for installation and configuration of the POS System would be completed by the end of August.
He further briefed the meeting that monitoring cells would be formed in each RTO headed by respective chief commissioner to supervise the POS integration for achieving desired results.
The Minister for Finance and Revenue directed to ensure effective tracking progress of installed POS machines and provide post-deployment support to the retailers.
The meeting held under the chair of Minister for Finance and Revenue also discussed the strategy to increase the tax net possibilities. The FBR team briefed the meeting that a sizeable number of potential taxpayers have been identified after retrieving available data of their withholding taxes through third-party sharing.
The FBR chairman briefed the meeting that efforts are being made to bring all the identified potential taxpayers into the tax net.
The Minster for Finance and Revenue directed to remove all hurdles in bringing the identified potential taxpayers into the tax net.
He directed to further identify the potential taxpayers on the basis of third-party data being received through credible sources.
The minister stressed on the need to finalise the modalities of third-party audit, which would not only increase the tax net but would also generate much-needed revenue. The meeting ended after it was decided to hold regular meetings to pursue the targets on a fast track basis.
Copyright Business Recorder, 2021