LAHORE: A Memorandum of Understanding (MOU) has been signed between the Federal Board of Revenue (FBR) and the Chainstore Association of Pakistan (CAP) to ensure effective and efficient integration of Point of Sales (PoS)/tills installed at Tier-1 retailers’ locations across the country.
“The milestone achieved today provides for incentives to the retailers who voluntarily integrate with FBR’s system by 30th November 2020,” said a statement issued on Wednesday. “In order to facilitate smooth integration and to collectively manage any bottlenecks, CAP committees will be formed at central and regional levels.”
CAP assured FBR that all Tier-1 units/retailers would duly and fully integrate their tills/PoS without any exception by November 30, 2020.
The association would also augment FBR’s efforts to improve the PoS system and make it foolproof. Besides, CAP will assist FBR in the identification of all Tier-1 and Tier-2 retailers who are liable to be integrated but 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.