The Federal Board of Revenue (FBR) has proposed to increase the fee on invoices at the Point of Sale (POS) systems from the current Rs. 1 in the upcoming Federal Budget 2024-25.
To ensure compliance, a special audit is proposed for retailers who have not yet registered themselves on the POS system, FBR sources informed ProPakistani.
Key proposals include expanding the scope of the Track and Trace system by incorporating the tiles sector and granting additional powers to the Directorate General of Digital Invoices. Sources said the tax machinery wants to document key business supply chains in the forthcoming budget comprehensively.
Sources said a single sales tax return for businesses is being considered for next fiscal year besides simplifying the tax filing process. The proposals also include plans to monitor suppliers of unregistered traders in the sales tax system, enhancing oversight and compliance within the market.
In December 2023, FBR made it mandatory for the integrated suppliers to declare all their outlets through the computerized system and also register each POS to activate the integration.
Many industry players and chambers opposed this move. A month after FBR first issued its order, the Lahore Chamber of Commerce and Industry (LCCI) urged the regulator to revisit its recent ruling.
Since then, FBR has done little to help manage the situation better. With the aforesaid proposals most likely to be implemented in next week’s budget reveal, the retail landscape looks set for another tough fiscal year.
1 rupe se kitna barhey ga ? heading tou topic ki itni barhi or undar tou porani baatain. jo new baat hai agar rate barh raha hai tou kitna wo mention kion nhe hai ?