ISLAMABAD: The Federal Board of Revenue (FBR) will give a presentation to Prime Minister Shehbaz Sharif on Tuesday (August 16) on the overall strategy for the achievement of the revenue collection target of Rs7.4 trillion for 2022-23.
This has been stated by FBR Member Admin Dr Faiz Illahi Memon, while addressing the eighth computer ballot on POS Prize Scheme held at the FBR Headquarters, on Monday.
Continuing with the monthly computer ballot for its innovative POS Prize Scheme, the FBR successfully organised eight successive lucky draw at the FBR Headquarters, Islamabad. In addition to 1017 lucky winners winning prizes worth 53 million, another 10 individuals won prize of Rs100,000 each, sponsored by Metro Stores Pakistan for its valued customers.
The FBR Member admin said that the FBR will present a detailed roadmap to the PM covering Inland Revenue and Customs for the new fiscal year (2022-23) for documentation of economy, reforms and meeting the assigned revenue collection target.
He stated that the 6,100 Tier-I retailers have been integrated with the FBR and the FBR is trying its level best to document retailers through the said scheme during the last eight months.
He said that the FBR is facing logistics and manpower issues during the enforcement of the POS system, but the number of verified invoices is increasing day by day.
Every new initiative needs time for the proper implementation in true spirit.
He termed POS as a unique digital intervention made by the FBR to automate business processes and promote digitization in the tax system.
This innovative prize scheme was launched to digitally monitor the sales made by Tier-1 retailers across Pakistan to ensure that tax collected from customers was duly deposited into the state exchequer, he further emphasized.
There is a phenomenal increase in public participation and is likely to further grow with every passing day.
Most of the fortunate winners have already got the prize money transferred into their bank accounts, after due diligence and necessary verification process. It is also worth sharing that people are showing huge interest in becoming part of this computerized draw, which is being regularly held on 15th of every month in the presence of mainstream national media to ensure transparency.
Addressing the gathering, Sardar Ali Khawaja Member Public Relations, FBR informed that there is a need to remove the misconnection among the general masses that the consumers would have to pay extra tax while participating in the prize scheme of the POS. There is nothing like that during the whole scheme. It is the responsibility of the field formations to remove such kind of misconceptions among the general masses.
He said that the FBR chairman could not attend the event due to Covid.
The field formations must promptly take strict action against the retailers who collect sales tax from the consumers’, but did not deposit to the FBR.
In order to avoid huge payment of withholding taxes by the prize winners who are non-filers, he said that they should file their income tax returns and become filers, he maintained.
Member Public Relations, FBR said that the Federal Tax Ombudsman has received complaints about the delay in deposit of the prize money in the bank accounts of the winners. The FBR has received calls from the FTO office for the reprisals of the complains of the prize winners.
The factual position is that the prize money is timely tenafdfe5s in the bank account of the winners, but in some cases the winners have not updated and checked the declared bank accounts.
He reiterated that for the past few years, FBR had been vigorously pursuing its drive for digitization, transparency, and automation not only to document the economy but also to plug revenue leakages through a transparent tax system. He further emphasized that FBR will continue to maximize tax compliance through various innovative initiatives including POS Invoicing Prize Scheme.
Copyright Business Recorder, 2022
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