ISLAMABAD, Dec 9 (APP):Federal Board of Revenue (FBR) has decided to implement a “Track and Trace System” for specified goods, products such as; cement, sugar, fertilizer and beverages imported into or manufactured in Pakistan.
The FBR has taken this decision in order to prevent leakage of revenue, under-reporting of production, sales, and to ensure proper payment of Federal Excise Duties (FED) and Sales Tax on the manufacture and sale of specified goods/ products, a press release Monday said.
Project office of FBR, confirmed that they had 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 including sugar, cement, fertilizer and beverages.
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 has planned to hold meetings with all stakeholders for their input, suggestions and recommendations.
First meeting in this regard was held on December 2, with cement manufactures.
Second meeting with the fertilizer manufacturers was held on December 5, and third meeting was scheduled on December, 12.