FBR to fetch Rs8 bn extra through receipts

ISLAMABAD: The FBR has come up with a prize scheme to encourage customers to demand QR code bearing Sales Tax Invoice from Integrated Point of Sale (POS) from retailers.

With this step, the FBR plans to fetch additional Rs8 billion in the budget for 2021-22. The FBR says that the prize scheme for customers would be launched for encouraging them to demand the QR code bearing sales tax invoice from integrated POS retailers.

The government has also decided to enforce measures to ask for receipts of smuggled goods to discourage retailers from selling such goods. Meanwhile, renowned economist and FBR’s former chairman Shabbar Zaidi said that the country’s economy depends on remittances. Questioning that whether the POS can be installed at Karachi’s Jodia Bazaar like markets, he said that recovery cannot be made through the POS, as this system can only be applied on organised dealers. He said that it needs ten years to implement such system in all market places of Pakistan.

Talking to Geo News show ‘Aaj Shahzeb Khanzada Kay Sath’, Shabbar said that if the trade of smuggled goods is controlled, then the retail sector will be harnessed. He said the act of government demanding receipts of smuggled goods was a huge step, but he questioned its enforcement.