Government to introduce cash prize scheme for shoppers
Minister of Pakistan for Finance and Revenue Shoukat Tarin in Jun 12 said the government had decided to introduce a cash prize scheme worth of Rs 250 million per month for the common consumers or shoppers, encouraging them to ensure receiving of authentic receipt from the shopkeepers.
It would ultimately help stop tax evasion and enhance the tax net.
Addressing the post budge press conference here, the minister said the cash prize would be gradually increased up to Rs one billion month.
Pakistan is a member of D-8 and TECHNOLOGY TRANSFER and EXCHANGE NETWORK (d8tten), and the minister said; ” 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.
He said the Federal Board of Revenue (FBR) had also started data collection for identifying the potential tax payers, who were qualified to pay tax but were out of the tax net so far. In addition, he added, the measure was expected to bring about 312000 potential tax payers under the tax net. Some 10000 points of Sale (PoS) were currently under use and their number would be enhanced by bringing 60000 more business establishments under the system.
Tarin said in order to strengthen the PoS system, incentives and prize scheme would be announced for the general consumers that would help in documentation of the economy. Revenue collection of about Rs 100 to 150 billion was expected through the PoS system, he added.
He said for bringing difference 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 in file their tax returns through their mobile phones.