Sunday, August 14, 2022

PM Imran Khan to inaugurate track and trace system on Nov 23

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ISLAMABAD: Prime Minister Imran Khan will inaugurate the track and trace system on November 23 for electronic monitoring of tobacco, fertiliser, sugar and cement production in the country, ARY News reported.

The process of electronic monitoring under the track and trace system will be continued until the commodities are delivered to the consumers. According to the announcement, the new system will increase revenue and counter tax theft.

It read that the track and trace system has already been implemented in the tobacco sector, whereas, the electronic monitoring system will be expanded to other sectors after the tobacco and sugar sectors.

It will enable the monitoring of all goods of notified sectors and the system will be implemented in petroleum and beverages sectors in the next phase.

READ: PM DIRECTS TO INSTALL TRACK AND TRACE SYSTEM TO MONITOR SUGAR MILLS

Earlier in October, PM Imran Khan had announced ‘good news’, saying that the Federal Board of Revenue (FBR) has successfully launched its Track and Trace System aimed at digitizing the economy

In a message from his personal Twitter handle, Imran Khan had announced the launch of the system and said that it would help boost additional revenue, digitise the economy, and curb counterfeiting.

The prime minister had said that all these steps are aimed towards effective and transparent governance.

READ: FBR TRACK AND TRACE SYSTEM NECESSARY TO END TAX EVASION: PM

In 2019, the Federal Board of Revenue (FBR) had decided to launch the 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.

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