LAHORE: A seminar on ‘Point of Sales (POS) Integration of Tier – 1 Retailers’, jointly organized by the Lahore Chamber of Commerce & Industry and Federal Board of Revenue was held at LCCI on Monday.
LCCI President Irfan Iqbal Sheikh, Vice President Mian Zahid Jawaid , Member IT FBR Asim Ahmad, Chief Commissioner Inland Revenue Ahmad Shuja Khan, former LCCI President Bashir. Bakhsh, Naseem-ul-Ghani and experts from various sectors spoke on the occasion while a large number of representatives of trade and industrial associations were present on the occasion.
FBR officials also gave presentations during the seminar. The experts informed the participants of the seminar that POS invoicing system was a real-time sales documentation system that would link the electronic systems at the outlets of all tier-1 retailers with the FBR via 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 point of sale for all large retailers. All large-scale retailers are suggested to integrate with the system. This will greatly assist such retailers as in such cases 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 much 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 registered 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 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.
LCCI President Irfan Iqbal Sheikh urged the Federal Board of Revenue to create awareness about Point of Sales 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. Member IT FBR Asim Ahmad and Chief Commissioner Inland Revenue Ahmad Shuja Khan gave a detailed briefing on “Point of Sales (POS) Integration System.