ISLAMABAD: The Federal Board of Revenue (FBR) will distribute prizes worth Rs53 million every month. The first lucky draw will be held on January 15, 2022. The FBR will distribute the prizes to 1,007 winners.
The said prize scheme was introduced through Finance Act-2021 which was followed by issuance of rules for the prize scheme on 9th August, 2021 by FBR.
The computerized balloting for the prize scheme will be held on 15th of every month, the first one on January 15, 2022 at FBR (HQs), Islamabad. Initially, the denomination of prizes has been set as Rs. 10,00,000 (1st Prize), Two prizes of Rs. 500,000, four prizes of Rs. 250,000 and one thousand prizes of Rs. 50,000 each.
This lucrative Prize Scheme of FBR aims to maximize transparency and plug revenue leakage through real time monitoring of sales.
It also aims to ensure that tax collected from customers at the point of sale is deposited in state exchequer. This will not only force the Tier-1 retailers to expedite the integration of their retail outlets with FBR POS System but will also encourage the customers to prefer shopping from the POS-integrated retail outlets.
FBR is expecting a substantial increase in revenue through this innovative initiative as it will reduce tax evasion and minimize concealment of sales by the retailers.
Customers can participate by verifying the receipt of purchases through Tax Asaan Mobile App of FBR or by sending the invoice number through an SMS on 9966. FBR has launched a very aggressive print and electronic media campaign for the awareness of people across the country.
The FBR also rebutted disinformation being spread on the social media against the proposed Service Charge of Rs.1 to be collected on all invoices issued by Tier-1 Retailers integrated with FBR’s electronic system of real-time reporting of sales.
It is being insinuated as if the rate of the Service Charge is 1 percent instead of Rupee 1 per invoice only. This baseless propaganda by some vested interests is thoroughly malicious in intent and definitely suspicious in content.
The nominal Service Charge at Re.1 per invoice of whatever denomination, would be collected under Section 76 of the Sales Tax Act, 1990. This petty amount will be utilized to ensure integration of all Tier-1 Retailers, promote ongoing publicity campaign, and finance a prize scheme for all customers who duly verify their invoices to determine the validity and genuineness of the invoices issued by the integrated Tier-1 Retailers, FBR further clarified.
Hence, the above unfounded campaign appears to have been initiated by those vested interests who tend to oppose POS integration. They continue to collect Sales Tax from the general public but are always reluctant to deposit the same in the Government Treasury.
FBR has reaffirmed its unflinching resolve to continue integrating Tier-1 Retailers across the country with full vigor and an indomitable spirit.
