Monday, April 15, 2024

Introduction of a monitoring device for tobacco, cement, sugar and fertilizer

In order to avoid the illicit selling of tobacco, cement, sugar and fertilizers, the Federal Board of Revenue has agreed to implement a track and trace system for packets and sacks.

The FBR can take action against anyone selling sacks or packets that don’t have track and trace details, which can be within the sort of a verifiable tax stamp.

The sale of cigarettes, sugar, cement and fertilizer without a tax stamp would be illegal and every one such products would be confiscated.

The FBR added that manufacturers wouldn’t be ready to even sell such products. the govt hopes this may help prevent evasion and under-reporting of cigarettes.

Under the new system, the payment of duties and taxes are going to be ensured. consistent with officials, the crackdown will begin within the next few months.

After these four industries, which are notorious for evasion , the FBR said it’ll extend this track and trace system to all or any other industries in an attempt to document the economy.

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