January 29, 2021
Samaa | https://bit.ly/3tqBXxl
The Federal Board of Revenue has decided to introduce a track and trace system for packets and sacks to stop the illegal sale of cigarettes, cement, sugar and fertilizers.
The FBR can take action against anyone selling sacks or packets that do not have track and trace details, which will be in the form of a verifiable tax stamp.
The sale of cigarettes, sugar, cement and fertilizer without a tax stamp would be illegal and all such products would be confiscated.
The FBR added that manufacturers would not be able to even sell such products. The government hopes this will help prevent tax evasion and under-reporting of cigarettes.
Under the new system, the payment of duties and taxes will be ensured. According to officials, the crackdown will begin in the next few months.
After these four industries, which are notorious for tax evasion, the FBR said it will extend this track and trace system to all other industries in an effort to document the economy.