Saturday, July 31, 2021

Tarin announces Rs250m prize scheme for sale receipt holders

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ISLAMABAD: In order to broaden the tax net, Finance Minister Shaukat Tarin announced on Saturday that the government will bring in a prize scheme to encourage people to demand proper receipts for purchases they make from retailers.

Speaking at a post-budget 2021-22 press conference, the minister said the government will introduce a scheme under which prizes amounting to Rs250 million will be distributed among receipt holders every month. He added the move would help in documentation of the economy.

Also Read: No tax on mobile services, internet: Tarin clarifies at post-budget presser

Shaukat Tarin said the Federal Board of Revenue (FBR) has started collecting data to identify potential taxpayers, who are eligible to pay tax but have not yet been brought into the tax net.

About 312,000 potential tax payers can be brought into the tax net through these measures, he added.

READ: Budget ’22 earmarks low-cost housing loans, mortgage financing schemes

Shaukat Tarin said some 10,000 points of sale (PoS) were currently under use but their number would be increased to 60,000. He said the government expects to collect Rs100 to Rs150 bn additional revenue through the PoS system.

He said that the tax collection target of Rs5.8 trillion has been set for the next fiscal year, which he hoped, will be achieved through innovative approach, including the use of latest technology.

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