Daily The Business

Revenue leakage,production under-reporting: FBR plans to tighten thumbscrew on Cement, Sugar, Fertilizer sectors

M Jahangir Hayat

LAHORE: The  Federal Board of Revenue (FBR) has planned to put the thumbscrew on the sector including Cement, Sugar, Fertilizer and Beverages, imported into or manufactured in Pakistan as it has planned to implement the Track and Trace System for specified goods/ products

“In order 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” official source informed Monday.

The FBR has decided to implement a Track and Trace System for specified goods/ products ie Cement, Sugar, Fertilizer and Beverages  imported into or manufactured in Pakistan, the source explained.

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, the source added further.

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