FBR launches much-awaited prize scheme for POS customers

The Federal Board of Revenue (FBR) has launched the much-awaited prize scheme for customers from point of sales POS-integrated Tier-1 retail outlets.

According to FBR, thousands of prizes worth hundreds of thousands of rupees will be distributed among the customers through a computerized ballot, which integrates sales through Point of Sales (POS) with the tax system.

The said prize scheme was introduced through the Finance Act, 2021, which was followed by the issuance of rules for the prize scheme on August 9, 2021.

“The computerized balloting for the prize scheme will be held on 15th of every month, the first one on January 15, 2022, at FBR (HQs), Islamabad,” the FBR added.

Initially, the denomination of the prizes had been set as Rs1 million (1st prize), two prizes of Rs500,000, four prizes of Rs250,000 and one thousand prizes of Rs50,000 each. Thus, a total prize amount of Rs53 million will be distributed among the lucky 1,007 winners, every month.

A notification issued on Saturday stated that the prize scheme aims to maximize transparency and plug revenue leakage through real-time monitoring of sales. “It also ensures that tax collected from customers at the point of sale is deposited in the state exchequer,” the FBR said.

The board expects a substantial increase in revenue through this innovative initiative as it will reduce tax evasion and minimize concealment of sales by the retailers.

The FBR added that customers can participate by verifying the receipt of purchases through the Tax Asaan Mobile App or by sending the invoice number through an SMS on 9966.