Day: November 16, 2021

Prime Minister Imran Khan will inaugurate the Track and Trace system of the Federal Board of Revenue (FBR) for the sugar industry on 23rd November.

The Track and Trace system will ensure electronic monitoring of manufacturing and sales of products of important sectors like tobacco, fertilizer, sugar and cement. The scope of electronic monitoring ranges from manufacturing of the products to its usage by the end-users, thus bringing much-needed revenue for the country and preventing tax evasion in these sectors.

After rolling out electronic monitoring of the tobacco sector, FBR is now implementing the Track and Trace System in the next sugar sector which will be followed by the remaining sectors. In this regard, FBR has already issued Sales Tax General Order No-5 vide powers conferred under Section 40C (2) of the Sales Tax Act-1990 and Rule 150 ZF of the Sales Tax Rules-2006.

The said STGO ordains that no Sugar Bag will be allowed to move out of a production site, factory premises or manufacturing plant without affixation of activated stamps/Unique Identification Marking (UIMs) with effect from 11th November 2021.

The Stamps/Unique Identification Markings (UIMs) are to be obtained/procured from FBR’s Licensee Ms. AJCL/MITAS/Authentix Consortium. The provisions of Section 40C (2) of the Sales Tax Act-1990 read with Rule 150 ZF of the Sales Tax Rules-2006 mandate FBR to notify the date for the implementation of Electronic Monitoring of Production and Sales of goods in the manner prescribed in the law on all manufacturing sites of notified sectors.

FBR is paying special attention to the automation of processes and digitization of economic transactions. It is moving from manual systems to automated technology, with the aim to bring a change in the taxation system. The Track and Trace System and many other similar initiatives and interventions are meant to increase revenues, promote transparency and thereby maximize tax compliance in Pakistan.

In the next phase, FBR is planning to cover the beverages and petroleum sector into the Track and Trace System.

Source: Pro Pakistani

The National Assembly’s Standing Committee on Finance met earlier today under the chairmanship of PTI MNA Faizullah Kamoka and received a briefing on the trade ties between Pakistan and Azerbaijan.

During the meeting, Deputy Governor State Bank of Pakistan (SBP) Dr. Murtaza Syed apprised the committee that trade between the two countries takes place through Iran and traders are facing a lot of challenges ever since sanctions were imposed on Iran.

JUI-F MNA Muhammad Yaqoob Sheikh suggested to the Deputy Governor that Afghanistan and Turkmenistan can be used as alternative routes for trade with Azerbaijan until the ease of sanctions on Iran.

PML-N MNA Qaiser Ahmed Sheikh said that SBP hasn’t done anything to explore alternative trade routes to Azerbaijan which is why traders are beset with difficulties.

PTI MNA Jamil Ahmed Khan lamented that there was only one branch of the National Bank of Pakistan (NBP) in Kyrgyzstan that has been shut down as well.

PTI MNA Munaza Hassan said that Azerbaijan wants to supply oil and gas to Pakistan on deferred payments but SBP hasn’t done anything in this regard.

The committee directed Deputy Governor to present suggestions to ensure uninterrupted trade between Pakistan and Azerbaijan through alternative routes within 15 days. It also ordered him to brief about the trade between Pakistan and Iran at the next meeting.

Source: Pro Pakistani