ISLAMABAD – The Federal Board of Revenue has decided to launch the Track and Trace System for major sectors of the economy.
According to FBR, the decision was made in order to prevent leakage of revenue, under-reporting of production and sales, and to ensure proper payment of Federal Excise Duty and Sales Tax on the manufacture and sale of specified goods.
The system will be implemented for specified goods/ products which are Cement, Sugar, Fertilizer, and Beverages imported into or manufactured in Pakistan.
Instructions for Licensing and related documents will be published in January next year after consulting all major stakeholders.
In order to arrive at the best possible solution, FBR plans to hold meetings with all stakeholders for their input, suggestions, and recommendations.
