The number of big retailers integrated with the Point of Sale (POS) system of the Federal Board of Revenue (FBR) has reached around 4,500 across the country, top officials of the FBR revealed to ProPakistani.
Sources said that the number of Tier-I retailers, integrated with the FBR, has considerably increased during the past few months and has reached around 4,500 on the national level. The FBR’s enforcement exercise has shown positive results and many retailers are now integrated with the FBR’s Point of Sale (POS) system. Till January 15, the number of big retailers integrated with the FBR’s system stood at just 3,000.
Among the various innovative initiatives launched by the FBR to maximise tax compliance through digitisation of business transactions, automation of its operations, and facilitation of taxpayers, the Point of Sale System is one key intervention that aims to monitor sales made by Tier-1 retailers across Pakistan.
According to sources, the annual business turnover of the retail sector in Pakistan was about Rs. 20 trillion but only around 20 percent was visible to FBR for tax compliance. The FBR will continue to maximize tax compliance through various initiatives including the POS prize scheme.
This innovative prize scheme was launched to digitally monitor the sales made by Tier-1 retailers across Pakistan to ensure that tax collected from customers was safely deposited into the national exchequer.
