The Federal Board of Revenue (FBR) has mandated the Point of Sale (POS) system for traders with holdings exceeding one hundred thousand rupees.
Traders engaging in holdings surpassing one hundred thousand rupees are now categorized as Tier One retailers requiring them to integrate the Point of Sale system with the FBR’s framework. This decision outlined in an official notification aligns with amendments made to the Sales Tax Rules of 2006.
The amendment specified in the notification highlights that as per Section 236-H of the Income Tax Ordinance 2001, all traders and retailers cutting withholding tax on holdings exceeding one hundred thousand rupees will be classified as Tier One retailers.
FBR officials when contacted explained that the implementation of the Point of Sale system for traders with holdings exceeding one hundred thousand rupees is essential. This measure ensures real-time monitoring of their sales and aims to prevent any tax evasion.
In the coming days, traders involved in holdings of one hundred thousand rupees or more will be required to install the Point of Sale system connecting them to the FBR system. This move is expected to facilitate effective monitoring of real-time sales and curb any potential tax evasion attempts.
