MULTAN: Federal Board of Revenue (FBR), Regional Tax Office (RTO) has declared installation of electronic fiscal devices mandatory for sharing their business transactions.
The Federal Board of Revenue has directed all marriage halls and hotels for installation of fiscal devices in order to bring certain service providers into income tax net.
According to sources hotels, motels, guest houses, marriage halls, marquees, clubs (including race clubs) are required to install electronic fiscal devices.
However, exemptions from installation of devices are available where: the restaurant is operating otherwise than as part of a food court; and the facility of air-conditioning is not installed or available in the premises.
The FBR issued SRO 779(I)/2020 dated August 26, 2020 to unveil draft rules to implement the law related to installation of electronic fiscal devices under Income Tax Ordinance, 2001.
According to the rules, such taxpayers operating in Karachi, Lahore, Islamabad, Rawalpindi, Faisalabad, Multan, Peshawar and Gujranwala will be required to install the fiscal devices.
The sources said that the installation of fiscal devices to help the FBR in preventing revenue leakages in hospitality sector. Sources at RTO Multan informed that the taxpayers shall provide all sales data through online system which will be connected to the FBR portal for online monitoring and examination.