A local TV reports that the apex tax collection body had to launch TTS in five sectors in order to keep check on production of the sugar sector and from fertilizers, tobacco, and cement and beverages sectors.
LAHORE: (UrduPoint/UrduPoint / Pakistan Point News-July 5th, 2021) Federal board of Revenue (FBR) failed to enforce the conditions of the International Monetary Fund (IMF) to launch a Track and Trace System (TTS) in five sectors from July 1.
FBR, according to a private tv channel, had to launch TTS in five sectors in order to keep check on production of the sugar sector and from fertilizers, tobacco, and cement and beverages sectors. They claimed that companies had approached the court against the TTS tenders and alleged that TTS was biased and not fair.
According to the FBR website, “The Track and Trace Solution is to be rolled out across the Tobacco, Cement, Sugar and Fertilizer Sectors from 1st July 2021 in Pakistan with a view to enhancing tax revenue, reducing counterfeiting and preventing the smuggling of illicit goods through the implementation of a robust, nationwide, electronic monitoring system of production volumes and by the affixation of more than 5 billion tax stamps on various products at the production stage, which will enable FBR to track the goods throughout the supply chain.
It may be mentioned here that FBR last year in February had received financial bidding to place a track and trace system (TTS) for major tax evading sectors including tobacco, sugar, cement, fertilizer and beverages.
According to the reports the much-awaited track and trace system could not be awarded in the last more than one decade despite making several efforts. It was a binding condition to place a track and trace system to avoid evading taxes now under the IMF programme.