PoS mega step to documentation of economy: Ijaz Tanveer

LAHORE: Point of Sale (PoS) introduction and its implementation has proved a landmark decision of the government as it is a first mega step towards documentation of the economy besides it has discouraged smuggling and under-invoicing.
This was stated by Pakistan Business Forum President Ijaz Tanveer while talking to Baaghi TV here the other day.
He said though in the beginning the business community had to face numerous hurdles, however, now it is bearing fruits and the business community is enjoying it.
“Earlier, we have to face millions of rupees fake invoices on the retailers demands against goods and articles that we never sold. However, this practice is over now and businesses are being streamlined,” Ijaz Tanveer highlighted.
Talking about valuation and under-invoicing, he said that there is no dearth of competent people in the Pakistan Customs. “Such officials should be given the task to evolve a state-of-the-art strategy for resolving various issues concerning valuation and under-invoicing,” he said, adding that although a lot of work has been done, yet there is need to do more.
While discussing the ways of raiding godowns of businessmen by Customs Investigation and Intelligence and Anti-Smuggling Organisation, he said that there must be some SOPs.
In the first place the Customs staff should not be allowed to raid godowns because they are managed by the business people, he said, adding that insane people may dump their illegal belongings in godowns.
“Worse is that when the Customs staff raid the godowns managed by the businessmen, they take away millions of rupees in the name of sampling and never issue any receipt against the goods and articles,” he said, adding that such tactics on the part of the Customs officials always inflicted huge losses on the businessmen.
He said that the top officials should take notice of the situation and save the business community from any further loss.
Highlighting taxpayers’ services for the country, he said that taxpayers have been paying and running the country but in exchange they have always been called thieves which is totally injustice.
There should be special incentives and certificates for the taxpayers so they could feel honoured and be encouraged to contribute more happily.
Shedding light on Pakistani produces’ excellent quality, he said that there is a dire need to work on value addition and branding.
He said that Pakistan can earn huge foreign exchange by venturing into branding and value addition of our production.
India has successfully been branding its ordinary goods and articles and earning major forex reserves, he said, concluding that there is a huge unexplored potential in that area.