In a recent development, the Federal Board of Revenue (FBR) has introduced a comprehensive procedure for vendors seeking licenses to operate online business integrations. The FBR issued S.R.O. 1845(l)12023 to amend the Income Tax Rules 2002, signaling a significant move in the realm of digital business operations.
Key Highlights:
- Accreditation Process:
- Upon receiving applications, the board, through a designated committee, will assess the accreditation of the brand, model, and specifications of the Electronic Fiscal Device (EFD).
- An EFD comprises a Sale Data Controller (SDC) and at least one Point of Sale (POS) connected.
- Supplier Cooperation:
- Suppliers must actively participate in the accreditation process by providing the licensing committee with necessary information, access to equipment, and any other assistance required for a thorough evaluation.
- Revocation Protocol:
- The licensing committee reserves the right to revoke the accreditation of a vendor if the EFD’s brand, model, and specifications no longer comply with predetermined parameters.
- The vendor and integrated supplier will be duly informed of the revocation reasons.
- Timely Recommendations:
- The licensing committee is mandated to recommend or reject applications within fifteen days of submission.
- Clear reasons for either recommendation or rejection will be specified under these rules.
- Committee Structure:
- Member Digital Initiatives will appoint an officer not below the rank of Additional Commissioner (BPS-19) to lead the licensing committee.
- This committee will evaluate applications and make recommendations to Member Digital Initiatives for license renewal.
- Supervision and Issue Resolution:
- The appointed convener of the licensing committee holds responsibility for overseeing the system and addressing challenges encountered during its operation.
- This role is crucial for ensuring the smooth functioning of the integrated business systems.
These guidelines signify the FBR’s commitment to regulating and facilitating the growing landscape of online business integrations.
Stay tuned for more updates on digital initiatives shaping the business landscape in compliance with FBR regulations.
