Islamabad: The Federal Board of Revenue (FBR) has made the decision to implement a “Track and Trace System” for a select number of vital sectors — including the cement, sugar, fertilizer and beverages’ (imported into or manufactured locally) industries, a news source reported.
This decision was made in order to prevent leakages of revenue, as it is expected to help with the under-reporting of production and sales in various industries. It will also help the authorities ensure proper payment of Federal Excise Duties (FED) and Sales Tax on the manufacture and sale of goods.
According to FBR’s project office, all the bidding documents have been prepared for the issuance of licenses for Electronic Monitoring of Production/Sales, and Track and Trace System, for the four major sectors including sugar, cement, fertilizer and beverages.
Instructions for Licensing (IFL) and related documents will be published in January, 2020. However, the FBR will consult all major stakeholders in order to seek their recommendations and suggestions before this happens. The authorities have already held meetings with the cement and fertilizer manufacturers, on December 2 and 5 respectively. The third meeting in this regard is scheduled for December 12.
