OICCI not seeking tax amnesty for POS

ISLAMABAD: Ruling out seeking any tax amnesty scheme, the Overseas International Chamber of Commerce & Industry (OICCI) has communicated its unconditional support for FBR’s initiative for broadening of tax base through installation of Point of Sale (POS) at retailers’ shops.

The OICCI comprises top 200 multinational companies working in Pakistan, belonging to 35 different countries who, as a group, are among the largest stakeholders in the economy of Pakistan. The OICCI members contribute roughly one-third of the total tax revenue collection and are among the largest investors in Pakistan. The government had announced this initiative on the eve of the last budget and installation of POS machines at tier-1 retailers are underway but the government could not make its formal launch as a prize scheme would also be announced for customers on the basis of QR Code receipts through random balloting.

In a letter written by Chief Executive Officer (CEO)/Secretary General OICCI to Minister for Finance and Revenue Shaukat Tarin with the title “Broadening of Tax Base,” stated that the OICCI consistently advocated the importance of broadening the tax base through installation of cash registers, e-invoicing, and incentivizing the business entities to do business with registered taxpayers only. Most of these suggestions were accepted.have neither asked nor given to understand that an amnesty should be given in order to implement this initiative, it clarified. “We have reiterated our pledge for documenting the economy on all forums before all the stakeholders without any conditionality.

“We have reiterated our pledge for documenting the economy on all forums before all the stakeholders without any conditionality.” To support the POS scheme of the FBR, our members have given unconditional support to ensure that this scheme should be a success story.