ISLAMABAD – Two famous eateries have been sealed and slapped with massive fines in capital by the Regional Tax Office (RTO) Islamabad for issuing fraudulent receipts.
The action was part of Federal Board of Revenue’s (FBR) ongoing efforts to improve tax compliance among Tier-1 retailers across the country.
RTO team, led by the Deputy Commissioner, found fake receipts using point of sale (POS) tracking software in the metropolis. Each restaurant has been fined Rs500,000 for their violations.
The development comes amid the recent launch of the POS prize scheme, which started last week in Islamabad. Under this initiative, citizens are encouraged to report fraudulent receipts via the Tax Asaan app, with opportunities to earn cash rewards. Verified reports will lead to penalties for offending retailers, addressing the persistent issue of false invoicing.
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The country’s apex tax collection authority collected Rs647 million in fees from POS services, with Rs309 million allocated for employee welfare initiatives. In a recent meeting of the Senate Standing Committee on Finance, Senator Mohsin Aziz questioned the total expected revenue by July 2024 from the Re1 fee per POS invoice and its intended use.
FBR clarified that this revenue is earmarked for various initiatives, including funding monthly price schemes for Tier-I customers, enhancing the technical capabilities of POS teams, conducting media campaigns, and supporting employee welfare.
