Prize scheme on invoices issued by retailers

Prize scheme on invoices issued by retailers

Section 56C of the Sales Tax Act, 1990 empowered the Federal Board of Revenue (FBR) to launch prize schemes to promote tax culture, including on invoices issued by retailers.

The Federal Board of Revenue (FBR) issued the Sales Tax Act, 1990 (STA) updated up to June 30, 2021. The Act incorporated amendments brought through Finance Act, 2021.

Following is the text of section 56C of the Sales Tax Act, 1990:

56C. Prize schemes to promote tax culture.- (1) The Board may prescribe prize schemes to encourage the general public to make purchases only from registered persons issuing tax invoices.

(2) The Board may prescribe procedure for “mystery shopping” in respect of invoices issued by tier-1 retailers integrated with FBR online system randomly and in case of any discrepancy, all the relevant provisions of this Act shall apply accordingly.

(Disclaimer: The text of above section is only for information. Team makes all efforts to provide the correct version of the text. However, the team is not responsible for any error or omission.)

Leave a Reply

You have to agree to the comment policy.