Traders demand POS installation deferment till reservations addressed

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The business community has called upon the Federal Board of Revenue (FBR) to defer the installation of POS machines in business premises till all the reservations of traders are addressed and consensus is developed on this important issue.

In a statement issued on Thursday, Islamabad Chamber of Commerce & Industry (ICCI) President Sardar Yasir Ilyas Khan said that FBR should take traders and all market associations on board before installation of POS machines in the retail units that would help in broadening the tax base and improving the tax revenue of the country. He said that instead of a POS system, the government should prefer promoting the self-assessment scheme as the business community has more confidence in this scheme and will be more willing to pay tax through the self-assessment system. He said that in the prevailing circumstances, a self-assessment scheme would be more instrumental in improving the tax revenue collection of the country.

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Yasir said that the traders have been fully cooperating with the government in the corona vaccination drive and they should be engaged in talks on POS issues instead of sending FBR’s teams to monitor their sale at business premises. Presence of FBR teams in business premises would not send a positive signal to the trading community. Ajmal Baloch, President of Anjuman-e-Tijaran Pakistan, said that the traders have a lot of reservations on the installation of POS machines at retail outlets and FBR should first address all their concerns before going ahead with this new system. He said that traders would not accept forceful implementation of the POS system and if any coercive tactics are used, the government would be responsible for the consequences.

He said that traders are playing an important role in promoting the business activities they should be treated with due respect and regard. He stressed that FBR should immediately withdraw all monitoring teams from business premises and the installation of POS machines should be deferred till the time all the stakeholders are fully taken on board so that with joint efforts, the tax revenue of the country could be improved.

The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.

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Traders demand POS installation deferment till reservations addressed - TLTP NEWS Traders demand POS installation deferment till reservations addressed - TLTP NEWS

Traders demand POS installation deferment till reservations addressed

6
SHARES
40
VIEWS

The business community has called upon the Federal Board of Revenue (FBR) to defer the installation of POS machines in business premises till all the reservations of traders are addressed and consensus is developed on this important issue.

In a statement issued on Thursday, Islamabad Chamber of Commerce & Industry (ICCI) President Sardar Yasir Ilyas Khan said that FBR should take traders and all market associations on board before installation of POS machines in the retail units that would help in broadening the tax base and improving the tax revenue of the country. He said that instead of a POS system, the government should prefer promoting the self-assessment scheme as the business community has more confidence in this scheme and will be more willing to pay tax through the self-assessment system. He said that in the prevailing circumstances, a self-assessment scheme would be more instrumental in improving the tax revenue collection of the country.

READ ALSO

Yasir said that the traders have been fully cooperating with the government in the corona vaccination drive and they should be engaged in talks on POS issues instead of sending FBR’s teams to monitor their sale at business premises. Presence of FBR teams in business premises would not send a positive signal to the trading community. Ajmal Baloch, President of Anjuman-e-Tijaran Pakistan, said that the traders have a lot of reservations on the installation of POS machines at retail outlets and FBR should first address all their concerns before going ahead with this new system. He said that traders would not accept forceful implementation of the POS system and if any coercive tactics are used, the government would be responsible for the consequences.

He said that traders are playing an important role in promoting the business activities they should be treated with due respect and regard. He stressed that FBR should immediately withdraw all monitoring teams from business premises and the installation of POS machines should be deferred till the time all the stakeholders are fully taken on board so that with joint efforts, the tax revenue of the country could be improved.

The Law Today Pakistan, commonly known as TLTP, is the largest news wire service, headquartered in Islamabad. The service is providing fast, comprehensive and verified news on superior courts adjudications, regulatory framework of fiscal, monitory and external sectors, economic regulatory bodies amid apex institutions regulating the financial system. TLTP is empowering readers of more than 12 national English dailies in the country.

Related Posts

Next Post

POPULAR NEWS

EDITOR'S PICK

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