FBR Signs an MoU to Integrate POS System
As prime authorities in Pakistan move towards the idea of “Digital Pakistan” to facilitate citizens nationwide, the Federal Board of Revenue has also decided to introduce a new Electronic Device System (EDS) that will enable mass-market retailers to report their sales in real-time to manage taxation. To ensure the amount of tax paid by the customers at the counter is actually delivered to the FBR, the board has called on businesses to integrate their billing system with the POS Invoicing System in Pakistan.
Effective from 1st December, it will be mandatory for all shopping malls, hypermarkets, brand outlets, chain stores, hotels, cafes, snack bars, and restaurants to set up a POS system. All such institutions, whether or not falling in the tier-1 retailers category, will be required to integrate their point of sale systems with FBR’s electronic device system.
Going through the procedure will end periodic inspections by the FBR and also help establishments prepare their sales tax returns without having to bother. As soon as the Invoicing System is downloaded, a barcode or a QR code will be automatically printed on every receipt generated by the POS system after each sale. Meanwhile, the same will be transferred on the FBR’s servers automatically on a regular basis.
How Oscar Helps Integrate POS Invoicing System According to FBR’s Regulations
Oscar POS is offering this facility to its clients to link their point of sale system with the FBR’s electronic device system, keeping it fairly optional and entirely at client’s discretion.
Here’s how Oscar helps retailers link their computerized systems with the POS invoicing software.
- Register your point of sale with the eFBR website
- Download the recommended software
- Install the software (stable internet connection is required if you’re doing it on your own)
- Integrate the taxpayer’s system with the FBR.
Which Retailers Are Included in FBR’s Tier-1 Category?
Before we discuss the benefits of invoicing system for retailers and real-time sales invoicing for consumers, here’s a list of retailers that fall under the tier-1 category:
- A franchise or a branch of a domestic or foreign outlet/chain of stores
- Retailers who operate in air-conditioned shopping malls (except kiosks)
- Retailers whose aggregate electricity bill exceeded PKR 6 lakh during the last one year
- Those with store areas equal to or exceeding 1000 square feet
- Wholesalers and retailers who import goods in bulk and then supply to general consumers on a retail basis and to retailers on a wholesale basis
How Does the FBR POS System Benefit Consumers?
One of the major benefits of FBR’s POS Invoicing System is that there will be no skepticism among customers whether the sales tax has been deposited in the FBR or not. To confirm the sales tax has been paid, customers have to download and install the Tax Asaan App by FBR on their smartphone, open it and tap the ‘Online Verification System’ service. Finally, go to POS Invoice and scan the QR code printed on the invoice for verification.
Additionally, customers can also avail sales tax discounts when shopping at textile and leather brand outlets connected with the FBR’s invoicing system.
For further information regarding laws and taxes in Pakistan, please visit https://profit.pakistantoday.com.pk/2020/10/29/fbr-cap-deal-for-pos-integration-to-provide-retailers-with-level-playing-field/
Want to get in touch with Pakistan’s best cloud based and integrated POS system, send us an email on firstname.lastname@example.org.