Sunday, 26 May 2024
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FBR introducing tax stamps for track & trace system from July 2021

The Federal Board of Revenue (FBR) expects to introduce tax stamps on products in various sectors from July 2021.

FBR said the installation of track and trace systems in various sectors would be a game changer to improve revenue and prevent counterfeit products in the market. The FBR expects to start imposing UIM (tax stamp) on various products from July 2021. Where FBR will have authority to seize packets and sacks without tax stamps to avoid illegal sale of tobacco, cement, sugar and fertilizer.

The FBR on Monday successfully completed the assessment process for the approval of a five-year license for an IT-based solution for electronic monitoring (track and trace system) of the specified equipment, tobacco, cement, sugar and fertilizer. Initially FBR received 11 bids out of which 8 bids were technically eligible. Technical scores were given to them based on specific criteria. In order to ensure complete transparency, the technical scores of all the technically compatible bidders were displayed to see all the participants before opening the financial bids.

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The financial bidding opened at February 1, at the FBR Headquarters, Islamabad. Attended by 8 technically sound applicants / bidders. The financial bids then publicly opened by a seven-member licensing committee headed by Karamatullah Khan Chaudhry. On the same occasion, aggregate (technical and financial) scores of all 8 eligible applicants were obtained. As a result of the above, M/s. AJCL/Authentix/MITAS declared the “Most Beneficial Bid” on the basis of combined high scores. According to the Licensing Rules 2019 and PPRA Rules 2004.

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After these four industries, which are notorious for tax evasion. FBR said it will extend this track and trace system to all other industries in an effort to document the economy.

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FBR Press Release

Trace & Track System | FBR | Federal Board of Revenue |

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