FBR to brief PM on upcoming ‘mini budget’

ISLAMABAD: The Federal Board of Revenue (FBR) will brief Prime Minister Shehbaz Sharif on the upcoming mini budget on Tuesday.

In this regard, while addressing the eighth computer ballot on POS Prize Scheme, Member Admin FBR Dr Faiz Illahi Memon also said that FBR will give a presentation to the PM Shahbaz Shairf on August 16 on the overall strategy for the achievement of the revenue collection target of Rs7.4 trillion for 2022-23 (FY23).

Sources said that FBR has almost completed its work related to this matter whereas the mini budget and the ordinance will be presented within the next few days. They said that the government has a plan to increase regulatory duties on items on which the government recently lifted a ban.

“The FBR estimated to collect Rs15 billion by increasing RD on these 83 tariff lines,” sources said, adding that the government will also increase taxes on tobacco and cigarettes besides introducing a SWAP system in withholding tax payments.

Member admin of the tax department said that the FBR will present a detailed roadmap to the PM covering Inland Revenue and Customs for the new fiscal year for documentation of the economy, reforms and meeting the assigned revenue collection target.

He stated that the 6,100 Tier-I retailers have been integrated with the FBR and the FBR is trying its level best to document retailers through the said scheme during the last eight months.

He said that the FBR is facing logistics and manpower issues in the enforcement of the POS system but the number of verified invoices is increasing day by day.

According to the FBR handout, FBR held the 8th computerized ballot of its flagship initiative of Point of Sale (POS) Invoicing Prize Scheme at FBR Islamabad. A total of Rs54 million was disbursed among the 1017 lucky draw winners during the ceremony. 

It is pertinent to mention that the Federal Government had approved POS Invoicing Prize Scheme in the Finance Bill-2021 in order to motivate the general public and business community to fulfil their duty as responsible taxpayers. Prior to this eighth round, seven computerized ballots of the POS prize scheme have already been successfully organized by FBR this year. This outreach campaign to woo taxpayers and top tier retailers has started to pay dividends which is evident from the fact that the number of verified invoices was increasing persistently.

Out of Rs54 million, Rs1 million was contributed by Metro Pakistan that gave Rs100,000 each for 10 winners. 

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