ISLAMABAD: Big retailers with chain stores have agreed to install Point of Sale (POS) at their outlets to integrate sales and purchase with online system of Federal Board of Revenue (FBR).
In this regard a Memorandum of Understanding (MoU) was signed between the FBR and Chain Stores Association of Pakistan (CAP) to ensure effective and efficient integration of (POS) installed at Tier 1 retailers’ location all across the country.
This huge milestone achieved on Wednesday provides for incentives to the retailers who voluntarily integrate with FBR’s system by November 30, 2020.
To facilitate smooth integration and collectively manage any bottlenecks, CAP committees will be formed at central and regional levels.
The chain store retailers assured FBR that all Tier 1 integrated retailers would fully integrate all their tills/PoS without any exception by November 30, 2020.
They also assured that all of their branches would be fully integrated by then. The association will also augment FBR’s efforts to improve the PoS system and make it foolproof.
CAP will also assist FBR in the identification of all Tier 1 and Tier 2 Retailers who are liable to be integrated and have not yet integrated.
The foundational principle of this MoU and the benefits agreed to by FBR is complete integration by Tier 1 Retailers with FBR’s system by November 30, 2020.