Islamabad, Pakistan– The Federal Board of Revenue (FBR) is planning to introduce significant changes to its prize scheme for businesses that integrate their Point of Sale (POS) systems.
The FBR aims to address the issue of non-compliance among retailers who fail to issue POS-integrated receipts and avoid paying taxes. Under the revised scheme, consumers who report fake or non-POS receipts will be eligible to win a prize of Rs25,000. The News
The FBR is developing an app that will allow consumers to report such violations. This initiative is part of the FBR’s broader digitalization efforts, in collaboration with the consulting firm McKinsey.
The FBR’s previous prize scheme, introduced during the PTI-led regime, failed to achieve its desired objectives. The FBR believes that the new changes will be more effective in promoting tax compliance.
The revised scheme will initially be implemented in the federal capital for restaurants. Provincial governments can replicate this model in their respective jurisdictions.
Tier-1 retailers, including branded shops, will be required to issue POS-integrated receipts. The FBR’s efforts to digitalize the economy and improve tax compliance are expected to have a significant impact on Pakistan’s revenue generation.
