ISLAMABAD: Federal Board of Revenue (FBR) on Monday decided to launch Track and Trace System for major sectors of the economy.
According to FBR, the decision was made in order to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of Federal Excise Duty and Sales Tax on the manufacture and sale of specified goods.
The system will be implemented for specified goods/ products which are Cement, Sugar, Fertilizer and Beverages imported into or manufactured in Pakistan.
Instructions for Licensing and related documents will be published in January next year after consulting all major stakeholders, reads the press releases issued by FBR.
In order to arrive at the best possible solution, FBR plans to hold meetings with all stakeholders for their input, suggestions and recommendations.
Read More: FBR to have fully automated ‘Track and Trace’ system
Earlier, in the day, FBR chairman Syed Shabbar Zaidi directed officials concerned to ensure proper collection of sales tax on cotton ginning.
Taking to Twitter, he said: “In case of cotton ginning industry output sales tax at the rate of 10 percent is collected/paid by purchasers. Field formations, especially those in cotton-growing areas, to ensure that sales tax is duly collected and accounted for. Possibility of evasion be avoided.”
In case of cotton ginning industry output sales tax at the rate of 10 percent is collected / paid by purchasers. Field formations, especially those in cotton growing areas, to ensure that sales tax is duly collected and accounted for. Possibility of evasion be avoided.
— Syed Shabbar Zaidi (@ShabarZaidi) December 9, 2019
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