Federal Minister for Finance and Revenue, Mr. Shaukat Tarin, chaired a steering committee meeting to review progress on broadening of tax base and integration of retailers into Point of Sales (POS) system by FBR.
In the beginning, Member (IT) FBR briefed the participants about the operational Terms of Reference (TORs) for the integration of retailers into the POS system. The TORs have been formulated in consultation with key stakeholders, including representatives from the private sector, to have a proper system of checks and balances in place, he added.
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While reviewing the progress of the Steering Committee, the Finance Minister stated that a limited tax base is one of the key challenges and the Government is firmly committed to expanding the tax base to enhance revenues exponentially. He commended the efforts made by the members of the steering committee on the occasion.
The Finance Minister further stated that the Government has incentivized the retailers by giving tax credit on electronic cash registers during the new Budget 2021-22. The underlying rationale is to give incentives to the taxpayers to broaden the tax base, and at the same time, to take stern action against tax evaders who are not willing to be part of the tax net.
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In his concluding remarks, the Finance Minister urged FBR to strictly adhere to timelines and benchmarks and follow up the whole exercise for broadening the tax base on a regular basis. The way forward requires the use of new technologies, analytical tools, and end-to-end automation to broaden the tax base by integrating all the chains/outlets into the MIS system by FBR.
The Minister further directed to gather data by undertaking interim measures such as Mystery Shopping exercises to identify anomalies and adding new entrants into the system to yield efficient results.