ISLAMABAD – Federal Board of Revenue has decided to launch Track and TraceSystem for major sectors of the economy.
According to FBR, the decision was made in order to prevent leakage ofrevenue, under-reporting of production and sales, and to ensure properpayment of Federal Excise Duty and Sales Tax on the manufacture and sale ofspecified goods.
The system will be implemented for specified goods/ products which areCement, Sugar, Fertilizer and Beverages imported into or manufactured inPakistan.
Instructions for Licensing and related documents will be published inJanuary next year after consulting all major stakeholders.
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In order to arrive at the best possible solution, FBR plans to holdmeetings with all stakeholders for their input, suggestions andrecommendations.
