Federal Board of Revenue (FBR) has launched the much-awaited prize scheme for the shoppers from POS-integrated Tier-1 retail outlets.
Thousands of prizes worth hundreds of thousands rupees will be distributed among the shoppers through a computerized ballot, who opt to shop from POS- integrated retail outlets spread all across the country, said a press release issued.
The said prize scheme was introduced through Finance Act-2021 which was followed by issuance of rules for the prize scheme on August 9, 2021 by FBR.
The computerized balloting for the prize scheme will be held on15th of every month, the first one on January 15, 2022 at FBR (HQs), Islamabad.
Initially, the denomination of prizes has been set as Rs.1000000 (1st Prize), Two prizes of Rs 500000, four prizes of Rs 250,000 and one thousand prizes of Rs 50,000 each. Thus, a total prize amount of Rs.53 Million will be distributed among the lucky 1007 winners, every month.
This lucrative Prize Scheme of FBR aims to maximize transparency and plug revenue leakage through real time monitoring of sales.
It also aims to ensure that tax collected from customers at the point of sale is deposited in state exchequer.
This will not only force the Tier-1 retailers to expedite the integration of their retail outlets with FBR POS System but will also encourage the customers to prefer shopping from the POS-integrated retail outlets.
FBR is expecting a substantial increase in revenue through this innovative initiative as it will reduce tax evasion and minimize concealment of sales by the retailers.
Customers can participate by verifying the receipt of purchases through Tax Asaan Mobile App of FBR or by sending the invoice number through an SMS on 9966.
FBR has launched a very aggressive print and electronic media campaign for the awareness of people across the country. They can also get assistance by following FBR’s social media handles on Twitter, Facebook and YouTube or call on FBR Helpline- 111772772.
Fahad is an entrepreneur and a marketing enthusiast who loves to write on trending topics. He loves travelling & playing tennis is what he does in his leisure time. He tweets @fahad164.
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