| Islamabad: The Federal Board of Revenue (FBR) is set to launch an innovative Point of Sale (POS) Scheme that will offer cash rewards for consumers who report fake invoices issued by retailers. The news was reported by a source on October 29.
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As per details, this initiative aims to tackle the persistent issue of fraudulent invoicing while penalizing non-compliant retailers. Under the revamped scheme, customers who report fraudulent invoices will be eligible for cash prizes. For invoices related to purchases under PKR 5,000, consumers can claim a reward of PKR 10,000. For invoices exceeding PKR 5,000, the prize increases to PKR 20,000. Retailers connected to POS systems that issue fake invoices will face significant penalties, including a fine of PKR 500,000 and the potential closure of their premises until the fines are settled.
This initiative replaces the previous model, which relied on invoice submissions followed by a balloting system for prizes. Now, consumers can submit reports of fake invoices directly through an online application. The scheme will initially target over 600 restaurants and retail outlets in the Islamabad Capital Territory (ICT), with operations beginning on November 30. The rollout will commence with the activation of POS machines within the first 10 days, followed by the inclusion of other brands over the next 20 days.
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The FBR’s ongoing crackdown has already resulted in the sealing of two prominent restaurants in Islamabad for issuing fraudulent invoices. Using POS tracking software, the Regional Tax Office confirmed the inauthenticity of the receipts, leading to substantial fines.
This initiative aligns with the FBR’s broader efforts to bring Tier-1 retailers and restaurants under the tax net through enhanced compliance measures. By empowering consumers to report fraudulent practices, the FBR aims to ensure effective enforcement of tax regulations, ultimately contributing to increased revenues for the national exchequer.
The introduction of this POS Prize Scheme underscores the FBR’s commitment to combating tax evasion and enhancing transparency in the retail sector. By fostering a culture of compliance, the FBR not only aims to secure revenue collection but also to build trust among consumers regarding tax practices in the country. |
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