ISLAMABAD – Federal Board of Revenue launches yet another excellentinitiative for boosting the revenue through technology.
The Federal Board of Revenue (FBR) to install point-of-sale invoicing appinto the retailers systems by the start of December. This will allow themto report their turnover to the tax authorities on a real-time basis.
The revenue board has also introduced the ‘Electronic Invoice System’ forrestaurants, cafes, coffee shops, eateries, snack bars, and hotels. It hasalso directed them to install the Board’s approved fiscal electronicdevices/software.
The revenue body issued the SRO (1203(I)/2019)link toamend Sales Tax Rules 2006 to make integration of the sales app mandatoryfor all retailers to facilitate tax payment.
Under the Electronic Invoice System, the registered person specified inrule 150ZA must install these fiscal electronic devices and software, asapproved by the Board. These are available on its website with completetechnical instructions for installation, configuration, and integration.
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The rule 150ZA applies to all businesses that the ‘Electronic InvoiceSystem’ applies to. This is meant for monitoring and tracking of taxableactivities by electronic or other means.
The FBR, in a statutory regulatory order (SRO), made it mandatory fortier-1 retailers to provide real-time reporting of their sales to the taxauthority, also from December 1, 2019.
