In a significant move towards streamlining online business operations, the Federal Board of Revenue (FBR) has introduced a comprehensive set of rules for vendors seeking licenses to conduct online integrations of businesses.
The regulatory initiative, presented through the issuance of S.R.O. 1845(l)12023, marks a pivotal amendment to the Income Tax Rules 2002.
The FBR's latest regulations outline a meticulous process that vendors must adhere to to obtain licenses for operating online business integrations. The heart of the matter lies in the accreditation of the brand, model, and specifications of the Electronic Fiscal Device (EFD), constituting a system comprised of a Sale Data Controller (SDC) and at least one Point of Sale (POS) connected.
During the accreditation procedure, suppliers are mandated to furnish the licensing committee with access to relevant information, equipment, and any other necessary assistance for a seamless evaluation process, as specified by the FBR.
The FBR has empowered the licensing committee to revoke the accreditation of a vendor if, at any point, the brand, model, and specifications of the EFD cease to comply with the predetermined parameters.
A notice of revocation will be communicated to the vendor, citing the reasons for such action, and simultaneously to the integrated supplier operating the EFD. Furthermore, the particulars of the EFD will be promptly removed from the FBR's official website.
The licensing committee is bound to render a decision on applications within fifteen days of submission, providing explicit reasons for either recommending or rejecting the application. The committee, chaired by an officer not below the rank of an Additional Commissioner (BPS-19), appointed by Member Digital Initiatives, plays a pivotal role in evaluating applications and making recommendations for license renewal.
Member Digital Initiatives emphasized that the convener of the licensing committee would bear the responsibility of overseeing the system comprehensively, ensuring the smooth operation of integrated businesses, and taking prompt measures to address any encountered challenges.
