Shoppers can win millions by submitting sales receipt, says finance minister

Shaukat Tarin says initiative will help encourage consumers to get valid receipt from retailers

ISLAMABAD:

Minister for Finance and Revenue Shaukat Tarin said the government has decided to introduce a cash prize scheme worth Rs250 million for shoppers to encourage them to get an authentic receipt from retailers.

It would ultimately help stop tax evasion and enhance the tax net, he said while addressing the post-budget press conference on Saturday in Islamabad, adding that the cash prize would be gradually increased up to Rs1 billion per month.

“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,” the minister said.

The scheme, he added, would ensure that the retailers provide the authentic receipt to the consumers which would help the FBR to trace and track the potential taxpayers.

He said the FBR had also started data collection for identifying the potential taxpayers, who were eligible to pay tax but were out of the tax net so far.

The measure was expected to bring about 312,000 potential taxpayers under the tax net, he added.

Also read: Federal budget focuses on sustainable economic growth: Tarin

Moreover, Tarin said, some 10,000 points of sale (PoS) were currently underuse and their number would be enhanced by bringing 60,000 more business establishments under the system.

He said in order to strengthen the PoS system, incentives and prize schemes would be announced for the general consumers that would help in documentation of the economy. The revenue collection of about Rs100 to Rs150 billion was expected through the PoS system, he added.

According to the finance and revenue minister, for bringing different 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.

FBR Chairman Asim Ahmad said the tax authorities had brought a number of reforms in the taxation system which had facilitated the people in filing their tax returns.

Now, he added, people can file their tax returns through their mobile phones.