Tax compliance: Only 20pc of retail sector turnover visible to FBR: Ashfaq

ISLAMABAD: Chairman FBR/ Secretary Revenue Division, Dr Muhammad Ashfaq Ahmed said Tuesday that the annual business turnover of retail sector in Pakistan was about Rs 20 trillion but only around 20 percent was visible to FBR for tax compliance.

Addressing the monthly computer ballot for innovative POS Prize Scheme held here at the FBR House on Tuesday, Dr. Muhammad Ashfaq Ahmed reiterated that for the past few years, FBR had been vigorously pursuing its drive for digitization, transparency, and automation not only to document the economy but also to plug revenue leakages through a transparent tax system.

He further emphasized that FBR will continue to maximize tax compliance through various innovative initiatives including POS Prize Scheme. This innovative Prize Scheme was launched to digitally monitor the sales made by Tier-1 Retailers across Pakistan to ensure that tax collected from customers was safely deposited into state exchequer, he concluded.

The FBR successfully organised third successive lucky draw at FBR Headquarters Islamabad. In addition to 1007 lucky winners winning prizes worth Rs53 million, another 10 individuals won prize of Rs.100,000 each, sponsored by Metro Stores Pakistan for its valued customers. This has taken the winners list to 1017, winning prizes worth Rs.54 million.

Copyright Business Recorder, 2022