Govt To Introduce Cash Prize Scheme For Shoppers: Shaukat Tarin
Umer Jamshaid 1 month ago Sat 12th June 2021 | 05:18 PM
Minister for Finance and Revenue Shaukat Tarin Saturday said the government had decided to introduce a cash prize scheme worth of Rs 250 million per month for the common consumers or shoppers, urging them to ensure receiving of authentic receipt from the shopkeepers
ISLAMABAD, (UrduPoint / Pakistan Point News - 12th Jun, 2021 ) :Minister for Finance and Revenue Shaukat Tarin Saturday said the government had decided to introduce a cash prize scheme worth of Rs 250 million per month for the common consumers or shoppers, urging them to ensure receiving of authentic receipt from the shopkeepers.
It would ultimately help stop tax evasion and enhance the tax net.
"This would be the huge amount of prize and the scheme will encourage the shoppers to get the authentic receipt of their shopping and submit the copy to Federal board of Revenue (FBR) to become part of the scheme," he said adding the scheme would ensure that the retailers provide the authentic receipt to the consumers which would help the FBR to trace and track the potential tax payers.
The measure was expected to bring about 312,000 potential tax payers under the tax net, he added. Moreover, he said, some 10,000 Points of Sale (PoS) were currently under use and their number would be enhanced by bringing 60,000 more business establishments under the system.
Tarin said in order to strengthen the PoS system, incentives and prize schemes would be announced for the general consumers that would help in documentation of the economy. Revenue collection of about Rs 100 to150 billion was expected through the PoS system, he added.
He said for bringing different industries under the tax net, the scope of track and trace system would be expanded, which would not only help enhance the revenue collection, but also promote the tax compliance culture in the country.
Chairman FBR Asim Ahmad said the Board had brought number of reforms in the taxation system which had facilitated the people in filing their tax returns.
He said now the people can file their tax returns through their mobile phones.