ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has assured the Federal Board of Revenue (FBR) that the business community will stand behind the tax machinery in collecting due tax from across Pakistan.

The assurance came from President of FPCCI Irfan Iqbal Sheikh at the monthly computer ballot for its innovative POS Invoicing Prize Scheme. The ceremony was attended by senior officers of FBR, notable businessmen and office bearers of FPCCI.

An official announcement said that the FPCCI president hailed the point of sale (POS) as a unique digital intervention made by FBR to automate business processes and promote digitisation in the tax system.

FBR Member Operations-IR Qaisar Iqbal reiterated that for the past few years, the tax machinery has been vigorously 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 that the FBR will continue to maximise tax compliance through various innovative initiatives, including the POS Invoicing Prize Scheme.

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 emphasised.

It is pertinent to mention that in April 2022, over 370, 000 invoices were verified by around 48,000 customers who shopped from outlets integrated with the FBR POS System. Likewise, over 48 million invoices were issued in April by Tier-1 retailers, which are integrated with the FBR POS System. This is a phenomenal increase in public participation and is likely to grow with every passing day.

Meanwhile, FBR successfully organised its fifth successive lucky draw in Lahore last evening. In addition to 1,007 lucky winners winning prizes worth Rs53m, another 10 individuals won prizes of Rs100,000 each, sponsored by Metro Stores Pakistan for its valued customers. This has taken the list of winners to 1,017, with total prizes worth Rs54m.

Furthermore, FBR has already distributed prizes worth Rs.212m among 4,028 lucky winners in four computerised ballots held in a transparent manner on the 15th of January, February, March and April. Most of the fortunate winners have already had the prize money transferred into their bank accounts after due diligence and the necessary verification process.

According to the FBR, retail customers are showing huge interest in becoming part of this computerised draw, which is being regularly held on the 15th of every month in the presence of mainstream national media to ensure transparency.

Published in Dawn, May 18th, 2022