Islamabad: The Federal Board of Revenue (FBR) on Thursday (June 30) notified the ‘Track & Track’ system for the cement sector, news sources reported. The system will start working from October 1 after the release of the notification.
As per the notification, the industries would have four months to comply. The Electronic Monitoring System will be installed as part of the system to track the legal production and sale of items on all manufacturing sites.
Following approval from the FBR, the Inland Revenue-Operations (IRO) department issued a notification stating that ‘no cement bag will be allowed to be removed from a production site, factory, or manufacturing plant, or import station’ without affixation of tax stamps/unique identification markings with effect from October 1, 2022’.
The notification further said that the marks are available from the FBR or an FBR licensee. As per the FBR, notice is issued to improve revenue generation through sales tax and document production capacity.
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