ISLAMABAD - Federal Minister for Finance and Revenue, Shaukat Fayyaz Ahmed Tarin, chaired a steering committee meeting to review progress on broadening of tax base and integration of retailers into Point of Sales (POS) system by FBR.
In the beginning, Member (IT), FBR briefed the participants about operational Terms of Reference (TORs) for integration of retailers into the POS system. The TORs have been formulated in consultation with key stakeholders including representatives from the private sector to have a proper system of check and balance in place, he added. While reviewing the progress of the Steering Committee, the finance minister stated that limited tax base is one of the key challenges and the government is firmly committed to expand the tax base to enhance revenues exponentially. He commended the efforts made by the members of the steering committee on the occasion.
The finance minister further stated that the government has incentivised the retailers by giving tax credit on electronic cash registers during the new budget 2021-22. The underlying rationale is to give incentives to the tax payers in order to broaden the tax base and at the same time, reiterated to take stern action against tax evaders who are not willing to be part of the tax net. In his concluding remarks, the finance minister urged FBR to strictly adhere to timelines & benchmarks and follow-up the whole exercise for broadening tax base on regular basis.
The way forward requires use of new technologies, analytical tools and end-to-end automation to broaden the tax base by integrating all the chains/outlets into MIS system by FBR.