POS software is an essential need of every business to efficiently manage its sales operations. In developing economies like Pakistan, an undocumented economy or black economy is a matter of concern for the government and regulators.
Businesses hide their financial transactions to avoid high taxes and some of them even don’t pay them. The major cause of this problem is the lack of documentation. In Pakistan, the size of the undocumented economy is estimated to be 50% of the GDP.
To solve this major problem and document the economy, the government of Pakistan makes new laws and regulations that obligate businesses to use modern means to document their business transactions and pay taxes.
One of the major steps in documenting the economy is the use of FBR-integrated POS software.
Why POS Software?
Here a question arises, why does FBR focus on POS software? The answer is simple. POS software is a highly user-friendly software that not only helps the government in regulating business activities, but its primary purpose is also to help businesses in formalizing the businesses themselves.
POS software helps in creating a better customer experience and an easy-to-navigate interface for employees.
What Is FBR Integrated POS Software?
FBR launches an integration in collaboration with different POS software vendors that has multiple features. These features help FBR in regulating businesses especially retail and restaurant businesses.
FBR-integrated POS software includes the following features:
- Invoice verification
- Easy tax filing
- Connectivity with FBR
Invoice Verification
FBR integrated POS software generates invoices that can be verified through the “ASSAN TAX APP”. by entering the code generated with the invoice a person can verify whether their sales tax is paid to the FBR or not.
By introducing this verification feature, FBR enhances the trust factor among people.
Easy Tax Filing
Businesses that have FBR integrated POS software can easily file their income for taxes. The FBR integrated POS software generates reports that help retail businesses in filing their income along with the record of other business transactions.
Connectivity With FBR
FBR integrated POS software connects FBR directly to business and to the customers. FBR has set an amount threshold for sales. If any sales increase the threshold the system asks for the CNIC and NT number of the customer. The data collected is shared with FBR.
Now, the limit is 50,000 PKR. Any sales transaction above the benchmark requires CNIC and NTN. FBR fetches the details of customers who purchase above 50,000 PKR to account for them.