LAHORE-Federal Board of Revenue arranged a seminar on “Point of Sales (POS) Integration of Tier – 1 Retailers” at Lahore Chamber of Commerce & Industry on Monday.

Member IT FBR Asim Ahmad, Chief Commissioner Inland Revenue Ahmad Shuja Khan, LCCI President Irfan Iqbal Sheikh, Vice President Mian Zahid Jawaid Ahmad, former LCCI President Bashir A Baksh, Naseem ul Ghani addressed the event participated by representatives of trade and industrial associations. The experts informed the participants that POS invoicing system 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. Point of sales refer to the location where a retail transaction, either sale or purchase, is carried out. POS system is basically a computerized system that records sales data, manages inventory and maintains customer data.

FBR has launched automated POS for all large retailers. All large-scale retailers are suggested to integrate with the system. This will greatly assist retailers as personal interaction with FBR will be minimized. Using this system will not only end periodic inspections by the FBR but will also help retailers prepare their sales tax returns without hassle. Tier-1 covers a retailer operating as a unit of a national or international chain of stores; a retailer operating in an air-conditioned shopping mall, plaza or center.

The specified person shall register all his branches with the Board’s computerized system, from which they make or intend to make supplies and shall also register each point of sale (POS) to activate the integration duly providing the information including POS registration number; name of business; branch name; branch address; POS identification number; and registration date.

Irfan Iqbal Sheikh urged the FBR to create awareness about POS integration system as a large number of retailers are completely unaware about this development.

They should be provided proper training and technology so that they can operate this system easily. He said that documentation is need of the hour but all measure should be taken in consultation with the stakeholders.