Pakistan : FBR to implement sugar sector track and trace system by Nov 15
The Federal Board of Revenue (FBR) in Pakistan will implement a track and trace system in the sugar sector by November 15, 2024, to combat tax evasion and smuggling. Prime Minister Shehbaz Sharif approved this restructuring, with measures to enhance enforcement and digitization. The government aims to recover Rs250 billion in tax evasion, especially in tobacco.
The Federal Board of Revenue (FBR) has announced that a complete track and trace system will be implemented in Pakistan’s sugar sector by November 15.
The FBR’s chairman, Rashid Mahmood Langrial, confirmed that Prime Minister Shehbaz Sharif approved the restructuring of the FBR, and the process will begin in November, Express News reported.
Addressing the Senate’s Standing Committee on Finance, chaired by Saleem Mandviwalla, Rashid Mahmood revealed that starting in January next year, several measures will be fully implemented to prevent smuggling. These include a proposal to grant provincial governments authority to crack down on illegal cigarettes.
Rashid Mahmood also disclosed that tax evasion amounting to Rs250 billion is occurring in various sectors, including tobacco.
To address this, the FBR has prepared seven summaries as part of its transformation plan. A draft ordinance to enhance enforcement is also ready and can be introduced at any time.
Minister of State for Finance and Revenue, Ali Pervaiz Malik, stated that the track and trace system is being installed across four sectors.
Meanwhile, the committee also reviewed a complaint regarding alleged fraud involving Allied Bank and has asked the State Bank of Pakistan to submit a report within four weeks.
In September, during a review meeting on the Track and Trace System in Lahore, he stated that the digitisation of the FBR is a top priority for the government, insisting that any interruptions in this process would be deemed unacceptable.
Shehbaz Sharif directed immediate action against those accountable for errors and irregularities related to the implementation of the Track and Trace System.
He has set a target for the economic team to accelerate FBR’s transformation, highlighting that complete digitisation and restructuring according to contemporary needs are integral to the FBR’s transformation plan.
The Prime Minister has entrusted the responsibility of monitoring the FBR transformation project to the Minister of State for Finance. The meeting also included updates on the progress of FBR digitisation and presented a report on the Track and Trace System.
In closing, the Prime Minister instructed the enforcement of all necessary measures at the earliest to bring to justice those responsible for negligence in fully implementing the FBR’s Track and Trace System.
Source Link : https://tribune.com.pk/story/2504973/fbr-to-fully-implement-track-and-trace-system-in-sugar-sector-by-november-15
