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FBR introduces fiscalization solution for Tier-1 retailers

FBR introduces fiscalization solution for Tier-1 retailers

LAHORE: Federal Board of Revenue (FBR) has introduced fiscalization solution for Tier-1 retailers as envisaged under section 2(43-A) of the Sales Tax Act, 1990 in the guise of Point of Sales(POS) integration with FBR’s computerized system for submission of sale invoice on real time basis.
A seminar in this regard was conducted by Regional Tax Office-II, and all the stakeholders including IRS officers, members of LCCI and Tier-1 retailers of RTO-II Lahore, CRTO Lahore, LTU Lahore, RTO Gujranwala, RTO Sialkot, RTO Faisalabad, RTO Sargodha, RTO Sahiwal, RTO Multan and RTO Bahawalpur were invited.
Director-General Abdul Hameed Memon graced the occasion and addressed the stakeholders. The guest speaker dilated upon the salient features of POS system, requirements for its integration with FBR’s computerized system for real time reporting of sales and its fringe benefits.
Abdul Rauf, Chief Manager, PRAL gave a demo on integration which was followed by an animated question answer session. Tier-1 Retailers and participants of their ilk welcomed POS integration system of FBR and floated valuable suggestions for enhancement of POS system at the users’ end.
The date for online integration of Tier-1 retailers’ outlets with Board’s computerized system as provided in sub-rule (2) of rule 150ZEA of Sales Tax Rules, 2006 is 15-Dec-2019. Tier-1 retailers therefore requested DG, Retails to extend the date for optimal online integration.