ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin Tuesday directed the Federal Board of Revenue (FBR) to ensure effective tracking progress of installed point of sales (PoS) machines and provide post deployment support to the retailers.
Chairing a meeting at the FBR, the minister directed the board 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 meeting was convened to devise a strategy to increase integration of retailers with the PoS system of FBR. Among others, it was attended by Special Assistant to the Prime Minister on Finance and Revenue, Dr Waqar Masood Khan; FBR Chairman Asim Ahmad and other members.
The minister directed for establishing a cell at the FBR headquarters to fast-track the progress on PoS integration.
He also directed the board to remove all hurdles in bringing the identified potential taxpayers into tax net besides identifying them on the basis of third party data being received through credible sources.
He stressed the need to finalize the modalities of third party audit which would not only increase the tax net but would also generate much needed revenue.
Meanwhile, the participants discussed the strategy to increase the tax net possibilities and the way forward to bring identified potential taxpayers into tax net.
Earlier, the FBR chairman said the licensing of information technologies 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.
The FBR team briefed that sizeable number of potential taxpayers had been identified after retrieving available data of their withholding taxes through third party sharing.
The FBR chairman said efforts were being made to bring all the identified potential taxpayers into the tax net.