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