The Federal Board of Revenue (FBR) is implementing a wider net for tax collection through mandatory Point-of-Sale (POS) integration. This applies to a broader range of businesses and service providers starting July 1, 2024. The move aims to expand the tax base by electronically monitoring sales data in real-time.
Previously, only large retailers were required to integrate their POS systems with the FBR. Now, the program includes professionals like chartered accountants, healthcare providers like dentists and private hospitals, and various retailers like those with combined wholesale and retail operations.
Foreign exchange dealers, educational institutions, restaurants, hotels, and even beauty parlors are among the newly included entities. The FBR issued a directive outlining the requirements, including making all POS counters accessible for installing FBR-approved systems and registering each POS for activation.
Businesses supplying the necessary fiscal devices and software will need to be licensed by the FBR. The expanded program extends to various service providers, encompassing medical services, laboratories, health clubs, and even event management companies.
The FBR has also clarified exemptions from mandatory POS integration. Businesses are advised to consult the FBR website or relevant authorities for more information. This initiative signifies a significant step by the FBR towards digitalizing tax collection and broadening the tax base in Pakistan.
