ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin directed the tax authorities to ensure effective tracking progress of installed Point of Sale (POS) machines and provide post deployment support to the retailers.
He further directed to determine the total volume of sales by retailers to effectively tap the revenue generation through POS system after adjustment of input and output taxes. He directed to establish a cell at FBR HQ to fast track the progress on POS integration.
Tarin visited the FBR headquarters and held a meeting with FBR officers. The agenda of the meeting was to devise a strategy to increase integration of retailers with the Point of Sales system of FBR.
The meeting also discussed the way forward to bring identified potential taxpayers into the tax net. Special Assistant to the Prime Minister on Finance & Revenue Dr. Waqar Masood Khan and Chairman FBR Asim Ahmad along with other members of FBR were present in the meeting.
The chairman FBR, while briefing the meeting, said that the licensing of IT companies for installation and configuration of POS system would be completed by the end of August. He further briefed that monitoring cells would be formed in each RTO headed by the respective chief commissioner to supervise the POS integration for achieving desired results. Minister for Finance and Revenue directed to ensure effective tracking progress of installed POS machines and provide post deployment support to the retailers. He further directed to determine the total volume of sales by retailers to effectively tap the revenue generation through POS system after adjustment of input and output taxes. The finance minister directed to establish a cell at FBR HQ to fast track the progress on POS integration.
The meeting also discussed the strategy to increase the tax net possibilities. The FBR team briefed that sizeable number of potential taxpayers have been identified after retrieving available data of their withholding taxes through third party sharing.
The chairman FBR briefed that efforts are being made to bring all the identified potential taxpayers into the tax net. The minster directed to remove all hurdles in bringing the identified potential taxpayers into the tax net. He directed to further identify the potential taxpayers on the basis of third party data being received through credible sources.
The minister stressed on the need to finalise the modalities of third party audit which would not only increase the tax net but would also generate much needed revenue. The meeting ended after it was decided to hold regular meetings to pursue the targets on a fast track basis.
