FBR POS Integration For Easier Tax Submission
To increase tax collection and get live sales reports, the Federal Board of Revenue of Pakistan has made it mandatory for Tier-1 retailers to get FBR POS Integration. With this POS integration, the ultimate goal of FBR is to achieve 100% submission of invoices in their Electronic Device System. Integrating your POS with FBR on your own success can be a challenge as the process is complex. We at Xcentric Services can help you integrate your Point of Sale System with FBR without any hassle.
However, before getting started with the integration, we want you to understand the benefits of this integration. Technically, one of the major benefits retailers in Pakistan get after integrating their POS system with FBR is – Automation. Once the integration is complete, the retailers can upload the sales invoices automatically on FBR’s serve. Thus, reducing the taxation cost.
According to the recent changes made by the tax-collecting agency of Pakistan (FBR), in the Sales Tax Rules of 2006, every Tier-1 retailer must integrate their Software for Point Of Sale with FBR. At Xcentric Services, we offer easy and affordable FBR integration services to retailers on their existing POS system. Moreover, the services also do not require any additional hardware and consider customer convenience as the top priority.
Benefits of FBR POS Integration
In this article, we have discussed how being a retailer in Pakistan you can easily submit your taxes by FBR POS Integration and how hiring us for the integration will help you.
Taxation And Real-Time Sales Reporting
The tax rates in Pakistan differ from one product to another. For instance, imported goods in Pakistan are subjected to a 16% sales tax. On the other hand, we have this breakdown of different sales tax rates on majorly sold products in Pakistan;
- Food Supplied by Restaurants – 7.5%
- Clothing and Apparel – 17%
- Dairy Products – 10%
- Tobacco – 17%
All in all, this difference between sales tax rates makes it difficult for retailers to adjust accordingly and integrate their POS System with the FBR server.
However, when our team at Xcentric Services takes up an integration project, retailers get flexibility in FBR POS Invoice Verification. Hence, no matter which POS solution you are using and what product you sell, we will integrate it with FBR’s server seamlessly. Moreover, we can also help you adjust your POS solution according to the latest sales tax percentage defined by FBR.
Post-integration, the retailers will be able to report their sales to FBR in real-time. Plus, if you are retailing on multi-locations, the integration will also feature branch-wise tax collection reports.
Verified Tax Submission
Once our team completes your FBR POS Integration, all the records of your sales transactions will be directly uploaded on FBR’s server in real-time. After that, every sales receipt generated by your POS software will be entitled to a unique FBR invoice number and a QR code. The customers can easily verify both; the invoice number and the QR code using FBR’s Asaan Tax application.
Talking of how this integration will help retailers in Pakistan, technically, it will end the periodic inspections by FBR which businesses have to go through. The other major benefit of getting your POS system integrated with FBR is – you will be eligible to get a full tax credit for the financial year.
Following the news release, FBR also published a list of authorized POS Integration services providers in Pakistan for retailers who plan to get their POS systems integrated with the FBR server. We – Xcentric Services, are a part of that list of providers as we provide end-to-end integration services. So whether you are using a cloud-based POS software or a traditional one, our team provides dedicated support to retailers in Pakistan throughout the integration.
Moreover, if you want us to facilitate your POS software too along with FBR integration, we also help with adding sales reporting features that help in submitting tax effectively.
Why Consult With Us For The Integration?
Ever noticed that the sales tax you pay differs from product to product? For instance; there is no sales tax on organic products like eggs and fresh meat, etc. However, when the same meat is processed and sold at a grocery store, it is subjected to a sales tax of 8%. Also, unfortunately, not every business in Pakistan is aware of this fact, hence, the high sales tax.
On the other hand, when you consult with us at Xcentric Services for the integration, before getting started on it, we also provide consultancy regarding how to save up on taxes. Hence, whether you want us to integrate your POS system with FBR or need consultancy, we have you covered.
With FBR making POS software integration mandatory, Pakistan has taken another step towards digitization. Technically, the POS Retailers Integrated With FBR is not just a compulsion but also a benefit for Tier-1 retailers in Pakistan. However, the integration process is not as easy as it sounds. Failed integrations that bypass the system and do not report real-time sales to FBR might result in penalties.
Hence, to ensure seamless integration, hire Xcentric Services. Our team will help you with every documentation and tech-task related to the integration of your POS system. Moreover, they will also provide you real-time guidance on how to manage your sales tax returns. To get an integration quote today, contact us at [email protected].