The Federal Board of Revenue (FBR) has decided to install Invoice Monitoring System in beauty salons, bakeries and departmental stores in order to address the issue of tax theft.
Notably, a project characterizing as the installation of an electronic invoice monitoring system is expected to initiate in Islamabad for pilot testing to figure out the actual magnitude of the sales in beauty parlours, retails outlets and bakeries.
Once the project manages to bring fruitful results in the capital city, the system will be installed all across the country to serve the very purpose.
According to the reports, the decision was taken in a high-profile meeting of FBR officials with the agenda of the installation of Invoice Monitoring System to keep an eye on actual sales.
Interestingly, the system is expected to work in a comprehensive manner. While generating the receipt for the customer, the system will automatically send the copy of the billing to FBR office through which the bureau’s sub-offices would not only know the actual sales of the outlet falling in their jurisdiction but would also have the data of sales tax charged on each consumer.
Till the date, the system has been installed in more than 300 restaurants. However, its scope will be extended to other eateries, retail stores and salons very soon.
Moreover, web-based Invoice Monitoring System had fully become operational through which the computer systems of restaurants were being integrated with FBR headquarters and the sales invoice data of restaurants was being monitored by FBR on a real-time basis.
In brief, the FBR officials expressed their satisfaction over the working of the web-based monitoring system and vowed that it would help in curbing the menace of tax theft that widely prevalent in the country.
