FBR Asked Government for Additional Authority Avoiding POS Integration
Islamabad: According to the most recent reports, the Federal Board of Revenue (FBR) has petitioned the federal government for permission to prohibit enterprises if a point of sale (POS) system is not installed. The part of Supplemental Draft 2021 expands tax authorities’ jurisdiction to inspect permanent establishments.
The decision was reportedly made because fewer companies enrolled with the FBR checkout system than anticipated. This fiscal year, the federal government announced that at least 500,000 enterprises and retailers would be connected to a system of real-time sales data directly linked to the FBR.
To yet, however, only 2,606 businesses have enrolled, and only 2,500 of those have real-time invoice tracking systems. According to FBR sources, the introduction of the POS system is anticipated to record the economy, expand the tax base, and achieve the Rs. 50 billion target established for 2021-22.
Notably, the FBR has deployed POS in an effort to prevent underbilling and the resulting tax evasion. In addition, it authorizes the tax office to audit the business and imposes penalties if the system is not applied.
In this context, a method for graduated fines has been established that penalizes enterprises with up to 3 million PKR for four warnings. The FBR will be permitted to close the facility until the POS is installed if the company does not comply with the fourth reminder.
For further updates, visit Al Sadat Marketing
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
Book Your Plot Now: +92 331 111 0005