FBR new track and trace system to enhance revenue in the country
ISLAMABAD - Senate Standing Committee on Finance, Revenue and Economic Affairs 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 that would help in enhancing revenue collection in the country.
The committee which met here with Senator Farooq Hamid Naek in the chair was also apprised that the scope of track and trace would be expended to other industries including sugar, cement and fertilizers.
The system would also monitor the beverages and help to overcome the issues of under-invoicing as well as expanding the tax base.
The committee was also informed that FBR had initiated work on track and trace system development but unfortunately it was not succeeded, adding that the work was initiated again and that would be operational by July this year.
While, discussing another agenda item on the Bill further to amend Companies Act 2017, the Companies Amendment Bill 2020, the committee recommended to send it to the House.
Speaking on the occasion, Chairman Senate Standing Committee on Finance Farooq Hamid Naek said that it was a nobel bill and required further deliberations that would help to create carporate social responsibility among the companies to spent on the development of those local areas.
He said that these companies were exploiting precious natural resources and it was their responsibility to allocate some amount on the development of these areas to develop education, health and clean drinking water facilities.
Speaking on the occasion, Senator Javed Abbasi called for fulfilling the corporate social responsibility as it would help in poverty eliminations and education promotion.
He said if the companies could spent only 2 percent out of their net profit that could brought significant changes, adding that due to fiscal and financial constraints, it was difficult for the government to fulfill the development requirements.
The Senators including Javed Abbasi, Muhammad Akram, Dilawar Khan and Zeeshan 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.