ISLAMABAD: The progress on broadening the tax base and integration of retailers into the ‘Point of Sales’ (POS) system by the Federal Board of Revenue (FBR) was discussed at a meeting chaired by Finance Minister Shaukat Tarin.
The finance minister told the steering committee meeting on Monday that the government has incentivised the retailers by giving tax credit on electronic cash registers in the federal budget for 2021-22.
The underlying rationale is to give incentives to tax payers in order to broaden the tax base and at the same time reiterated to take stern action against tax evaders who are not willing to be part of the tax net, he said.
The Member (IT) of FBR briefed the meeting on the operational Terms of Reference (TORs) for integration of retailers into the POS system. The TORs have been formulated in consultation with key stakeholders, he said.
The finance minister urged for using new technologies to broaden the tax base by integrating all the chains/outlets into FBR’s MIS system. Mr Tarin further directed to gather data by undertaking interim measures such as ‘Mystery Shopping’ exercise to identify anomalies as well as adding new entrants into the system to yield efficient results.
Published in Dawn, July 13th, 2021