ISLAMABAD: Federal Board f Revenue (FBR) has launched consultations with various sectors for implementing track and trace system to prevent revenue leakages.
A FBR statement said that to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of FED and Sales Tax on the manufacture and sale of specified goods/ products, the FBR has decided to implement a Track and Trace System for specified goods/ products i.e. Cement, Sugar, Fertilizer and Beverages imported into or manufactured in Pakistan.
Project Office of Federal Board of Revenue (FBR), confirmed that they have finalized all bidding documents relating to issuance of license of Electronic Monitoring of Production/ Sales and Track and Trace System of the four major sectors Sugar, Cement, Fertilizer and Beverages, the Press Release stated.
Instructions for Licensing (IFL) and related documents will be published in January, 2020 after consulting all major sectors/ Stakeholders. In order to arrive at the best possible solution, FBR plans to hold meetings with all stakeholders for their input, suggestions and recommendations.
First meeting in this regard was held on 2nd December, 2019 with Cement manufactures. Second meeting with the Fertilizer manufacturers was held on 5th December, 2019 and third meeting is scheduled on 12th December, 2019.