Continuing with its ongoing monthly tradition, Federal Board of Revenue (FBR) held 8th computerized ballot of its flagship initiative of Point of Sale (POS) Invoicing Prize Scheme today at FBR (HQs), Islamabad. A total of Rs. 54 million were disbursed among the 1017 lucky draw winners during the ceremony. Dr. Faiz Illahi Memon, Member (Admin & HR) FBR was chief guest on the occasion, also attended by senior officials and representatives of the mainstream national media.
Addressing on the occasion, Dr. Faiz Illahi emphasized that POS Prize Scheme was progressing successfully and efforts were afoot to further expand the initiative to bring more Tier-1 Retailers under the POS. He further reiterated that transparency and fairness were the two hallmarks of the scheme which was encouraging more people to participate in the innovative scheme with each passing month. ‘Consistency is the main ingredient for success of any economic policy’, remarked Dr. Faiz Illahi and hoped that the scheme will continue to pay its dividends.
The chief guest explained that digitization of economic transactions and automation of business processes were two main pillars of a robust strategy being pursued vigorously by FBR to maximize tax compliance, plug revenue leakages and ensure ease of doing business. He apprised the audience that measures were being taken to overcome the issues relating to integration of retailers with POS System and in this regard instructions have been given to FBR’s field formations. He expressed optimism that under the able leadership of Chairman FBR, Mr. Asim Ahmad, and with the unwavering commitment and persistency, FBR will attain the revenue target set for the current financial year 2022-2023.
Earlier in his welcome note,Sardar Ali Khawja, Member Public Relations, FBR urged upon the media to continue raising awareness among the masses about the importance of the scheme for digitization and documentation of economy. He added that formalization of national economy will further broaden the tax base, thereby, contributing to prosperity of the country.
It is pertinent to mention that the Federal Government had approved POS Invoicing Prize Scheme in the Finance Bill-2021 in order to motivate the general public and business community to fulfil their duty as responsible taxpayers. Prior to this eighth round, seven computerized ballots of POS prize scheme have already been successfully organized by FBR this year. This outreach campaign to woo taxpayers and top tier retailers has started to pay dividends which is evident from the fact that number of verified invoices was increasing persistently.
During the event, video clips of winners of previous month’s prize scheme were also aired wherein they appreciated FBR for launching the POS lucky draw scheme. Out of Rs. 54 million, Rs. 1 million was contributed by Metro Pakistan, Rs 100,000 each for 10 winners. All the winners were selected through a transparent computerized balloting process, live before the national media.