The Federal Board of Revenue (FBR) has proposed increasing the fee on invoices at Point of Sale (POS) systems from the current Rs. 1 in the upcoming Federal Budget 2024-25.
Federal Budget 2024-25
To ensure compliance, FBR sources informed a special audit is proposed for retailers.
Who have not yet registered with the POS system.
Key Proposals
Key proposals include broadening the scope of the Track and Trace system.
And to include the tiles sector and giving the Directorate General of Digital Invoices more authority.
Track and Trace System
Report says, the tax authorities want to thoroughly document key business supply chains in the upcoming budget.
According to sources, a single sales tax return for businesses is being considered for the next fiscal year, in addition to simplifying the tax filing process.
The ideas additionally include objectives to track suppliers of unregistered traders in the sales tax system, which will improve market supervision and adherence.
POS in December 2023
FBR made it obligatory for merged suppliers to report all of their stores.
Through the computerised system and set-up each POS in December 2023 in order for the integration to take effect.
Lahore Chamber of Commerce
Many businesses and chambers had reservations to this act. A month after the FBR given its order, the Lahore Chamber of Commerce and Industry (LCCI) asked the regulator to reconsider its recent decision.
Due to that time, FBR has done little to help improve the situation. With all of those ideas expected to be carried out in next week’s budget announcement, the retail landscape appears to be in for another challenging fiscal year.
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