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26/08/2010 -
Companies that sell cash registers and point-of-sale terminals may experience a boost in sales thanks to new set of rules that will go into effect next fall in Quebec.Nearly half of the province's 20,000 restaurants will be required to install sales recording modules between their payment devices and printers over the next 14 months to help fight tax evasion in the industry.
The new technology will record all of the establishments' sales, which will then be used by the restaurants to file regular reports. According to the paper, the government estimates that the measure will help it collect an extra $300 million annually that is usually lost through shady financial reporting.
However, restaurants will not foot the entire bill for installing the new technology. Government officials recently announced a subsidy program that will help establishments update their payment systems.
Government officials estimate the machines will cost an estimated $32 million to install.
The restaurant industry is not the only sector being targeted, however. Three additional industries' tax reporting habits are under review.
