FBR earns Rs1bn by charging one rupee on each POS fee

September 11, 2024 (MLN): The Federal Board of Revenue (FBR) has collected around Rs1 billion by deducting Rs1 against each invoice in lieu off point of sale (POS) services fee, Minister for Finance and Revenue, Senator Muhammad Aurangzeb said on Tuesday.

The FBR has utilized over Rs309 million of POS Fee collected for funding the IRS infrastructure development and welfare of IRS employees, APP repored.

In his response to a question during the Senate session, the minister informed that the deduction was levied to incentivise the levy and rollout documentation which was discontinued but resumed at present.

The work on POS policy under the strategy had to be done and would ensure incentivization, he added.

The chair referred the matter to the committee concerned for further deliberations on the matter.

Finance minister Muhammad Aurangzeb while replying another query said the federal government would continue its rationalisation regime under the State Owned Enterprises (SOEs) Act 2023 as most of the boards in the SOEs would be led by private sector with political appointees and government servants among others in the minority.

The SOEs Act in 2023 was enacted in line with the Public Finance Management (PFM) Act 2019, whereas the institutions that were not in the list of privatization comprised few institutions that were mostly training and research institutes, he added.

The PFM Act 2019’s most of the part was transformed into the SOEs Act 2023, whereas the Cabinet Committee on SOEs decides strategic and essential SOEs’ privatisation, he informed.

Senator Samina Mumtaz Zehri raised the matter of decline in the share prices of a multinational company operating in the country.

She urged the chair to ensure presence of ministers in the house for responding to the queries of members.

Copyright Mettis Link News