Sources told Business Recorder here on Monday that the FBR will notify new rules for registration and taxation of big retailers to restore confidence of the small retailers and shopkeepers. The new documentation policy would focus from registration of big retailers to medium-sized retailers in a systematic manner.
The documentation drive would prioritize big retail shops and not the small retailers/shopkeepers, they said. Sources said that the focus of registration is not the small retailers and shopkeepers. The registration of the big retail outlets under the point of sale system would set a direction for the FBR as well as business community that the FBR is not after small retailers.
The new rules for the registration of retailers would be vetted by the Law and Justice Division and subsequently issued. The FBR has now adopted a different approach for registration of those retailers from whom FBR wants to collect taxes. These big retail outlets would be brought into the point of sale system.
The FBR will give 1 to 2 months period to the retailers for registration with the point of sale system. It would also remove apprehensions of the small traders about their registration with the FBR.
This would give a clear and loud message to the general public that the FBR is after only big shops and retail outlets for the purpose of documentation. The FBR does not want to disturb or document small retailers or shopkeepers, they added.
According to sources, top retailers of textile sector in Pakistan will have their point of sale (POS) terminals linked with the online system of Federal Board of Revenue (FBR). The trials of Electronic Point of Sale integration with FBR have been completed successfully. More than 50 top retailers in Pakistan will have their POS terminals linked to FBR systems.
At present, the FBR rules pertaining to the Point of Sale apply to supplies of finished fabric and locally manufactured finished articles of textile and textile made-ups and leather and artificial leather, as are made by the registered persons who are integrated with Board's online system for the purpose of availing lower rate on supplies.
The registered persons (integrated suppliers) shall install such fiscal electronic device and software, as approved by the Board, available on its website with complete technical instructions for installation, configuration and integration.
The integrated suppliers shall notify to the Board, through the computerized system, of all their outlets, hereinafter referred to as notified outlets, from which they intend to sell the supplies subject to lower rate as specified in the said condition and the integrated supplier shall register each point of sale (POS) to activate the integration.
Under the existing rules, no sale or supply from the notified outlets shall be made without being recorded by the duly accredited electronic fiscal device (EFD), which means a system composed of one Sale Data Controller (SDC) and at least one Point of Sale (POS) connected together, that has the specified characteristics and requirements.
The POS shall print a clear and legible sales tax invoice for each transaction, copy of which shall be provided to the customer, containing the particulars, rules said.
