In a move to enhance tax documentation and monitoring, the Federal Revenue Council (FBR) issued a notice of amending the 2006 sales tax rules, Express News said on Thursday.
According to the new regulations, all retailers should accept all forms of electronic transactions, including debit and credit card payments.
Under the new rules, registered retailers must maintain a record of all transactions, including those made through debit and credit cards, with the additional CCTV Transactions Monitoring Measure (POS).
In addition, retail traders will be instructed to link hardware hardware and e -mail software systems to the FBR system for real -time monitoring.
The revised regulations also stipulate that POS data will be recorded on a daily, weekly and monthly basis, with any modifications, cancellations or modifications of the closely monitored files. In case of fraud or divergences in the retailer’s system, the e -price software will notify FBR.
Retail traders are required to maintain transaction records for up to one month and provide them with the competent tax commissioner upon request. Despite FBR’s efforts to connect retailers to the POS system, many are still independent or provide false evidence.
The FBR has introduced significant changes to ensure that retailers are linked to the tax system through the new 2006 sales tax rules.
This move aims to create a transparent record of trading between traders and consumers, ensuring that taxes are properly collected.
Tax experts believe that this step could help increase tax collection, promoting confidence with traders, rather than relying on forced tactics.
Haroon Sharif, a former state minister and economist, commented on new changes, stating that while technology can help document transactions, FBB cannot force millions of traders to the system.
He stressed that the government must work to build confidence with traders and taxpayers, urging them to welcome such initiatives.
Ajmal Baloch, president of the All Pakistan Traders Association, reiterated these emotions, stressing that traders do not have confidence in the FBR and often resort to the use of IT experts to create false POS evidence.
He also suggested that FBR is considering introducing a stable tax system, which believes that many traders would be more willing to accept.
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