IT commissioners to check sales of wholesale and retail dealers

ISLAMABAD - Federal Board of Revenue Friday powered Income Tax Commissioners to ask big wholesale and retail dealers to use electronic tax register in order to have accurate information about their sales and minimize tax evasions.

“The move is aimed to curb underreporting of sales by wholesale and retail dealers”, said FBR Chief Spokesman. He said these people were doing millions of rupees business but not reflecting it on income tax and sales tax returns.

An FBR notification authorizes Income Tax Commissioners to require any person to install and use an electronic tax register of such type and description as may be prescribed for the purpose of storing and accessing information regarding any transaction that had a bearing on the tax liability of such person.  

“This provision of law is an important step towards the documentation of our economy and now the sale transactions of big retailers and wholesalers may be audited for the taxation of their income”, says FBR.