FBR introducing Invoice Monitoring System in Islamabad

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    FBR

    FBR

    The Federal Board of Revenue (FBR) has, in principle, decided to bring beauty parlors, bakeries, grocery stores, and retail outlets under Invoice Monitoring System.

    A high-level meeting chaired by the Chairman FBR, Shabbar Zaidi, decided that on Monday. The move aims to curb the sales tax theft at these stores.

     Reportedly, FBR is going to launch a pilot project in Islamabad from next month. Under the plan, the Invoice Monitoring System will be installed at all commercial beauty parlors, bakeries, and grocery stores in the capital to estimate their actual sales.

    It would be gradually extended across the country after its test launch in Islamabad.

    In the next phase, the bureau intends to upgrade and convert it to a real-time system before extending to other cities.

    The system works in a manner that whenever concerned outlets issue a copy of the invoice to a customer, an electronic copy will reach the related FBR office. This will help the bureau keep track of the actual sales and the amount of sales tax charged on each invoice.

    A source privy to the development said that the Federal bureau has already installed the system in at least 300 restaurants in the federal capital, and the scope will be extended to other hotels and eateries soon.

    The FBR officials expressed satisfaction over the system and hoped that it will help increase the revenue collection.

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