Islamabad: Prime Minister (PM) Imran Khan has termed the Track and Trace (T&T) System of the Federal Board of Revenue (FBR) a crucial tool to curb tax evasion practices, a news source reported. The T&T system is designed to reduce human interaction and ensure proper payment of taxes in addition to providing a safe guard against leakage of revenue and underreporting.
The premier expressed these views while chairing a meeting of the federal cabinet on March 16. Federal Minister for Law and Justice Barrister Farogh Naseem was also present on the occasion.
PM Khan stated that such evasive tactics lead to the imposition of indirect taxes, therefore causing hike in prices of everyday necessities. Moreover, he tasked Minister Naseem with vacating the stay order passed by the Sindh High Court (SHC) on implementation of the automated T&T System. He opined that the non-implementation would lead to losses worth billions of rupees to the national exchequer.
According to the premier, big sections of the economy including the tobacco, cement and sugar industries have continuously defaulted on billions of rupees over the past five years. The sugar industry had failed to pay taxes of PKR 400 billion and only two companies in the tobacco industry were regular taxpayers, while the remaining 40pcs were in default, he said.
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