In order to prevent the leakage of revenue, underreporting of production and sales, and to ensure proper payment of federal excise duty and sales tax on the manufacturing and sale of specified goods/products, the Federal Board of Revenue (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.
The FBR project office confirmed that the board has finalised all bidding documents related to the issuance of licences for electronic monitoring of production/sales of the four major sectors.
“Instructions for Licencing (IFL) and related documents will be published in January 2020 after due consultations with all major sectors/stakeholders,” the FBR said in a statement. “In order to arrive at the best possible solution, FBR plans to hold meetings with all stakeholders for their input, suggestions and recommendations.”
It was informed that the first meeting in this regard was held on 2nd December with cement manufactures; the second meeting was held with fertilizer manufacturers on 5th December, while the third meeting was scheduled to take place on 12th December.