ISLAMABAD – Senate Standing Committee on Finance, Revenue and EconomicAffairs here on Monday was informed by the Federal Board of Revenue (FBR)that its track and trace system would be rolled out from July 2021 thatwould help in enhancing revenue collection in the country.
The committee which met here with Senator Farooq Hamid Naek in the chairwas also apprised that the scope of track and trace would be expended toother industries including sugar, cement and fertilizers.
The system would also monitor the beverages and help to overcome the issuesof under-invoicing as well as expanding the tax base.
The committee was also informed that FBR had initiated work on track andtrace system development but unfortunately it was not succeeded, addingthat the work was initiated again and that would be operational by Julythis year.
While, discussing another agenda item on the Bill further to amendCompanies Act 2017, the Companies Amendment Bill 2020, the committeerecommended to send it to the House.
Speaking on the occasion, Chairman Senate Standing Committee on FinanceFarooq Hamid Naek said that it was a nobel bill and required furtherdeliberations that would help to create carporate social responsibilityamong the companies to spent on the development of those local areas.
He said that these companies were exploiting precious natural resources andit was their responsibility to allocate some amount on the development ofthese areas to develop education, health and clean drinking waterfacilities.
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Speaking on the occasion, Senator Javed Abbasi called for fulfilling thecorporate social responsibility as it would help in poverty eliminationsand education promotion.
He said if the companies could spent only 2 percent out of their net profitthat could brought significant changes, adding that due to fiscal andfinancial constraints, it was difficult for the government to fulfill thedevelopment requirements.
The Senators including Javed Abbasi, Muhammad Akram, Dilawar Khan andZeeshan Khanzada attended the meeting.
Besides, Chairman FBR and other senior officials from Ministry of Finance,FBR and Securities and Exchange Commission of Pakistan attended the meeting.
