In order to curb tax theft, the Federal Board of Revenue (FBR) has decided to expand the scope of its Invoice Monitoring System (IMS) to big retailers.
“If the pilot project brings the desired results in Islamabad, the invoice monitoring system will be expanded to the whole country,” FBR sources informed a private media outlet on Wednesday.
The pilot project would ensure the installation of electronic invoice monitoring systems, which will figure out the actual magnitude of the sales in beauty parlours, retail outlets and bakeries.
The system, besides generating the receipt for the customer, will automatically send the copy of the bill to the FBR office. Through this, 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.
The system has been installed in over 300 restaurants in the federal capital. 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.
The FBR officials expect that the system would help curb the widely prevalent tax theft in the country.