ISLAMABAD: The Federal Board of Revenue (FBR) is all set to bring fundamental changes in the prize schemes on invoices integrated with Point of Sale (POS). On all unauthenticated invoices the FBR would grant a prize of Rs25,000 on each receipt. However, there would be one prize for an individual in a month.
The relevant chief commissioner would probe and if found the receipt of a retailer or restaurant was not integrated with POS then the prize money would be given to the provider.
“We are planning these changes under the digitalisation programme and soon these changes in the prize scheme will be introduced,” top official sources confirmed while talking to The News on Saturday.
Earlier, the prize scheme was introduced during the tenure of PTI-led regime but then it was discontinued for failing to bring the desired results. Even in the federal capital, restaurants and hotels did not provide POS integrated receipts despite charging sales tax and they didn’t deposit the collected taxes from customers into the national kitty.
In a bid to discourage this practice, the FBR plans to grant prizes on the basis of reporting fake or Kacchi receipt. The FBR would develop an App on which there will be facility to report fake or Kacchi receipt.
The FBR is moving towards digitalisation campaign with the help of McKinsey, a consulting firm, and during its planning it was found that the POS prize scheme failed to make any difference in improving tax system.
In case of restaurants, the FBR will execute the changes in the federal capital only and respective revenue authorities of the provincial governments could replicate this model.
However, for Tier-1 retailers, the brands shops would be made to issue POS integrated receipts.