According to a press release, a Memorandum of Understanding (MOU) has been signed between Federal Board of Revenue (FBR) and the Representatives of the ChainStores Association of Pakistan (CAP) to ensure effective and efficient integration of Point of Sales (PoS)/ tills installed at Tier 1 retailers’s location all across the country. This huge milestone achieved today provides for incentives to the retailers who voluntarily integrate with FBR’s system by 30th November 2020. In order to facilitate smooth integration and collectively manage any bottlenecks, CAP committees will be formed at central and regional levels. CAP assured FBR that all Tier 1 integrated units/retailers would duly and 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.