The Federal Board of Revenue (FBR) has taken the decision of providing Electronic Point of Sale (EPOS) to the retail stores and shopping malls.
As per sources, the tax department has given the information to the International Monetary Fund (IMF) that the government would be providing the EPOS to the retail chain stores and the shopping malls until the March of 2019.
The main objective of extending EPOS to the mentioned retailers is for getting the real-time sales data.
Previously, the department was keeping a check on the retail sale of leather products and garments.
The officials informed that the department had introduced this system in the month of June this year and initially 5 months had been given by the department until the 21st of November 2018 for availing this facility, but the date has been extended till the 21st of December 2018 for the registered persons.
Under this system, FBR had made the announcement of decreasing the rate of 9 per cent on the import of finished goods of leather and artificial leather for the public.
As per sources, the objective behind extending the EPOS is to boost the revenue collection since the FBR has faced a shortfall of Rs104 billion during the first 5 months that is of July-November of the present financial year 2018-19 and most of these individuals are not registered with the tax department.
According to sources, there is an utmost need of additional revenue steps of 0.3 per cent of GDP.
Therefore, the FBR would be increasing the sales tax on the petroleum products, cigarettes, local/imported vehicles, beverages and telecom services.
Besides this, an increased inflation and exchange rate adjustments would likely be having a positive impact on the tax revenue collection.
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