- The FBR has issued a draft regulation for mandatory electronic invoicing for specified businesses, pending final notification and implementation timelines.
- The rules apply to various sectors such as hospitality, courier services, beauty salons, medical providers, large retailers, foreign exchange dealers, and private educational institutions, with certain exclusions based on size, turnover, or other criteria.
- Notified businesses must register, install, and integrate e-invoicing systems with the FBR, declare all outlets and POS terminals, and issue FBR-verified invoices containing detailed transaction information.
- Real-time data transmission, digital signatures, and record-keeping for six years are required; online platforms must also comply, and CCTV installation at POS may be mandated.
- Non-compliance can result in penalties, tax recovery, enforcement actions, and possible suspension or cancellation of integrator licenses, with all compliance costs borne by the taxpayer.
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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