This is how FBR is going to bring Bakeries and Beauty Parlors under tax-net.
- The Federal Board of Revenue will bring beauty parlors, bakeries, grocery stores, and retail outlets under Invoice Monitoring System.
- Chairman FBR chaired a meeting and the move is aimed at curbing the sales tax theft at these stores.
- When the project would manage to bring fruitful results in the capital city, the system will be then installed all across the country to serve the very purpose.
The Federal Board of Revenue (FBR) has decided to extend the Invoice Monitoring System to beauty parlors, bakeries, grocery stores, and retail outlets.
The project would curb theft of sales tax and would be initiated in Islamabad. The electronic Invoice Monitoring System would be installed at the beauty parlors, bakeries, and grocery stores to figure out their actual sales.
Moreover, the system would be applied all across the country after its successful launch in Islamabad.
This decision has been taken at a high-level meeting of the revenue board. The meeting also held a detailed talk about the Invoice Monitoring System installed in restaurants.
During the meeting it was suggested that the Invoice Monitoring System would be updated and converted to a real-time system, its scope will be further extended as well.
The Invoicing System:
After the installation of the Invoice Monitoring System, a copy of the invoice issued to the consumers would electronically reach the concerned FBR office.
Through a copy of the invoice, sub-offices of the FBR would not only know the actual sales of the outlet falling in their jurisdiction but would also have the data of sales tax charged on each consumer.
Reports told that web-based Invoice Monitoring System had been installed at more than 300 restaurants and would be set up at other restaurants too.
It was also told in the meeting that the web-based Invoice Monitoring System has fully become operational.
Through this, the computer systems of restaurants are being integrated and connected with FBR headquarters. The sales invoice data of restaurants are also being transferred to FBR on a real-time basis.
The officials of FBR expressed satisfaction over the system and maintained that it would increase tax collection from the restaurants. The pilot project will help the bureau keep track of the actual sales and the amount of sales tax charged on each invoice.
This was the whole plan of FBR, Let’s what new “Jugaar” these bakeries and parlors would come up with. Because as until now, most of the highly profitable medium and small businesses in Pakistan have been avoiding to pay any taxes.