{"id":70304,"date":"2019-10-15T06:30:25","date_gmt":"2019-10-15T06:30:25","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=70304"},"modified":"2019-10-15T06:30:30","modified_gmt":"2019-10-15T06:30:30","slug":"fbr-pos-invoicing-system-pakistan","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/blog\/fbr-pos-invoicing-system-pakistan.html","title":{"rendered":"FBR Introduces Real-Time Point of Sale (POS) Invoicing System"},"content":{"rendered":"\n

As major authorities in the country move towards digitization to facilitate citizens, the Federal Board of Revenue has also introduced a new Electronic Device System (EDS) that will allow big retailers to report their sales in real-time for taxation purposes, according to leading newspapers. In order to make sure the tax amount paid by the customers at the cash counter is actually deposited in the FBR, the board has asked businesses to integrate their points-of-sale with the POS Invoicing System in Pakistan. <\/p>\n\n\n\n

Effective from Dec. 1, it will be mandatory for all shopping malls, hypermarkets, brand outlets, chain stores, hotels, cafes, restaurants and snack bars to install the POS invoicing app. The app will connect the cash machine with the FBR through Electronic Device System and provide a concurrent report of sales and tax payments. <\/p>\n\n\n\n

It is important to mention the Federal Board of Revenue has amended Sales Tax Rules 2006 to make the installation of POS Invoicing System in Pakistan mandatory for all tier-1 retailers. As per a report published in a leading English daily, the board said it aims to integrate the Point of Sale Invoicing System with 20,000 outlets and businesses at the point of sale till June 2020 to bring them into the tax net.<\/p>\n\n\n\n

However, it appears that big retailers aren\u2019t the only ones who will have to install the POS invoice software. <\/p>\n\n\n\n

Earlier in October, FBR Chairman Shabbar Zaidi reportedly suggested the board was also considering installing point of sale invoicing system in all big private hospitals for proportionate tax collection.<\/p>\n\n\n\n

Since this move impacts both the retailers and customers, here are a few things about FBR\u2019s Point of Sale Invoicing System that you should know. <\/p>\n\n\n\n

What is POS Invoicing System?<\/strong><\/h2>\n\n\n\n
\"FBR's
With effect from Dec. 1, it will be mandatory for all retailer to link their POS systems with the FBR<\/figcaption><\/figure>\n\n\n\n

For those who might be confused, \u2018point of sale\u2019 refers to the location where a retail transaction, either sale or purchase, is carried out. Point of Sale (POS) system, which you see at the cash counter of big retail outlets and supermarkets, is basically a computerized system that records sales data, manages inventory and maintains customer data. Integrating the FBR\u2019s new invoicing software <\/strong>with this widely-used system will allow customers to verify if the sales tax they paid actually reached the concerned tax authority. <\/p>\n\n\n\n

As for the POS invoicing system, it is a real-time sales documentation system that will link the electronic systems at the outlets of all tier-1 retailers with the FBR via the internet. Moreover, the retailers won\u2019t have to purchase new machines as they can simply download the invoicing app on their existing systems in a manner prescribed by the board. <\/p>\n\n\n\n

Using this system will not only end periodic inspections by the Federal Board of Revenue but will also help retailers prepare their sales tax returns without much hassle. Once the POS Invoicing System is downloaded, a QR code or a barcode will get printed on every receipt generated by the point of sale system following each sale. Meanwhile, the invoice data will be uploaded on the FBR\u2019s servers automatically on a regular basis. <\/p>\n\n\n\n

How to Install and Integrate POS Invoicing System in Pakistan<\/strong><\/h2>\n\n\n\n

Here is how big retailers can link their computerized systems with the POS invoicing app.<\/p>\n\n\n\n