FBR holds POS prize ceremony

KARACHI: Federal Board of Revenue organised third lucky draw for its innovative POS prize scheme, where 1007 lucky winners secured a collective amount of Rs53 million, while 10 individuals won a prize of Rs100,000 each.

The prize ceremony was sponsored by Metro Stores Pakistan for its customers.

Addressing on the occasion, chairman FBR/secretary Revenue Division Dr.Muhammad Ashfaq Ahmed said for past few years, FBR had been pursuing its drive for digitisation, transparency, and automation, not only to document the economy but also to plug revenue leakages through a transparent tax system.

He further emphasised the board would continue to maximise tax compliance through various innovative initiatives including POS prize scheme. The annual business turnover of retail sector in Pakistan was about Rs20 trillion, but only around 20 percent was visible to the board for tax compliance, it informed.

The prize scheme was launched to digitally monitor the sales made by Tier-1 Retailers across the country to ensure tax collected from customers was safely deposited into state exchequer, he concluded.

In February, about 2,60,833 invoices were verified by customers who shopped from outlets integrated with FBR POS System as against 153,000 in January 2022. Likewise, around 38 million invoices were issued by Tier-1 Retailers, which are integrated with the System in February, as compared to 37 million in January, 2022.