ISLAMABAD: The Federal Board of Revenue (FBR) has launched online monitoring of sales and purchases by steel sector.
The FBR issued draft amendment to Sales Tax Rules, 2006 through SRO 541(I)/2022 dated April 22, 2022.
READ MORE: FBR forms committee to resolve pharmaceutical tax issues
The tax body proposed amendment to Rule 150FZ for electronic monitoring, tracking and tracing of production, import and supply of the goods.
The FBR included the steel products in the list of online. At present products of six sectors already in the list, which are: tobacco products, beverages, sugar, fertilizer, cement and petroleum products.
The FBR said that all the specified goods shall be monitored, tracked and traced in the manner provided in this Chapter and any other instructions, procedures and orders issued by the FBR.
READ MORE: FBR allocates quota for industries in erstwhile FATA/PATA
Further that the specified goods, if brought from non-tariff area as defined in the Federal Excise Act, 2005, shall be treated as imported goods for the purposes of this Chapter.
The Rule 150ZH of the this chapter stated that goods to be affixed with tax stamps, banderoles, stickers, labels, barcodes, etc.–
(1)On every package, including a tin, container or bottle, of the specified goods whether manufactured or imported shall be affixed or printed a tax stamp, banderole, sticker, label, barcode, unique identification marking, code], etc., hereinafter referred to as tax stamp, in the manner prescribed under this Chapter:
Provided that in respect of such specified goods which are exempt or meant for export tax stamps whatever the case may be shall be clearly, legibly and indelibly marked as ‘Exempt Goods’ or ‘For Export’, as the case may be.
READ MORE: FBR announces prize winners of 4th POS invoice draw
(2) Every tax stamp required to be affixed under these rules shall bear such security features as are approved by the Board in order to–
(a) prevent counterfeiting;
(b) enable accounting of production of the specified goods; and
(c) enable any person in the supply chain or an officer authorized by the Commissioner Inland Revenue to authenticate such tax stamp.
(3) The system for imported goods shall be installed in a designated area at the port of importation or a customs bonded warehouse, as the case may be, declared by the importer for this purpose, or any other place approved by the Project Director:
READ MORE: FBR takes measures to facilitate taxpayers in 1HFY22
Provided that the Board may allow tax stamps to be affixed on any specified goods to be imported in a production facility in the exporting country, subject to such conditions as the Board may specify.
(4) No person engaged in manufacturing, sale or purchase or handling of specified goods shall remove or tamper with the tax stamp affixed thereon until these are sold to the final consumer.
