In a well-thought-out strategy, the revenue authorities on Wednesday decided to install Point of Sale (POS) units at all foreign exchange dealers in order to increase the tax net and record movement of foreign currency. Foreign exchange dealers and companies have now been added to the Tier-1 category, and the record of buying and selling of foreign exchange currency is being documented. According to this development, every exchange company has to install POS. Commenting on the above development, Zafar Paracha, secretary ECAP said that this measure will help to increase the tax net and record movement of foreign currency. The country should have a taxpayers’ volume of at least 25 to 30 million, he added. Last year in October 2021, SBP had made biometric verification compulsory for all those who would buy $500 or above from the open market, in order to enhance transparency in the foreign currency transactions by exchange companies and to curb the undesirable outflow of foreign currency.