On Saturday, the Federal Board of Revenue (FBR) organized the inaugural prize draw for the lucky winners/customers of the point of sale integrated Tier-1 shops.
The awards have been set at Rs1 million (1st prize), two prizes of Rs500,000, four prizes of Rs250,000, and one thousand prizes of Rs50,000 apiece, according to FBR. As a result, a total prize pool of Rs53 million would be shared among the 1,007 lucky winners who will receive POS-integrated receipts for their transactions.
According to the FBR release, Tanveer Ahmed earned the top reward of Rs1 million, while Aftab Ahmed and Farhan Akram each won Rs500,000.
Other winners have received text messages to their cell phone numbers, according to the FBR.
Tanveer Ahmed will receive his prize at a ceremony on February 15, according to the FBR.
The winner would not receive the entire prize pool. Non-filers would pay a 40% withholding tax on the award money, while filers would pay a 20% withholding tax.
According to government estimates, a total of Rs18 trillion to Rs20 trillion transactions occur on a regular basis at the retail level, but only 3.5 trillion of those transactions are documented by the government, leaving a huge untapped gap that could make a significant difference if properly bridged through the documentation exercise.
The Federal Board of Revenue (FBR) established a prize scheme for customers of POS-integrated Tier-1 retail outlets on December 13, 2021.
The award plan, according to the FBR, attempts to maximize transparency and stop income leakage through real-time sales monitoring. “It also ensures that tax received at the time of sale is remitted with the state exchequer,” according to the FBR.
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The reward scheme’s computerized balloting will take place on the 15th of every month. Customers can participate by authenticating receipts of transactions through the Tax Asaan Mobile App or by providing the invoice number via SMS to 9966, according to the FBR.