FBR Distributes Rs. 54 Million Cash Prize Among Customers of Tier-1 Retailers

The Federal Board of Revenue (FBR) has held the 8th computerized ballot of the Point of Sale (POS) Invoicing Prize Scheme.

According to a statement, it disbursed a total of Rs. 54 million among the 1,017 lucky draw winners during a ceremony held in Islamabad.

Dr. Faiz Illahi Memon, Member (Admin & HR) FBR, while speaking on the occasion said that efforts are afoot to further expand the initiative of the POS Prize Scheme by bringing more Tier-1 Retailers under the umbrella. He highlighted that transparency and fairness are the two hallmarks of the scheme, which in turn is encouraging more people to participate in the scheme.

He further emphasized that digitization of economic transactions and automation of business processes were two main pillars of FBR’s strategy to maximize tax compliance, plug revenue leakages, and ensure ease of doing business. He said that instructions have been given to FBR’s field formations to overcome the issues relating to the integration of retailers with the POS system.

The federal government had approved POS Invoicing Prize Scheme in the Finance Bill-2021.