Islamabad: The Federal Board of Revenue (FBR) has notified rules for the electronic monitoring of products from five sectors, a news source reported. This measure will help to prevent the evasion of sales taxes.
The FBR has issued SRO 250(I)/2019 for electronic monitoring, tracking and tracing of production, import and supply-chain products on a real-time basis. Reportedly, this regulatory framework will be applicable on products from the tobacco, beverage, sugar, fertiliser, and cement sectors.
The products, if brought from non-tariff areas, will be treated as imported goods. These products will be affixed with tax stamps, banderols, stickers, labels, and barcodes.
The tax stamps will help the board to:
Prevent counterfeiting
Enable accounting of production of the specified goods
Enable any person in the supply chain or an officer authorized by the Commissioner Inland Revenue to authenticate such tax stamps
As per reports, no one will be allowed to remove or tamper with a tax stamp until a product reaches the final consumer.
