Tuesday, 28 May 2024

FBR will launch a track and trace system by July 2021

Federal Board of Revenue (FBR) officials say the track and trace system will be implemented in July 2021. It will help to increase revenue collection in the country.

Addressing the Senate Standing Committee on Finance, Revenue and Excise on Monday. He told committee chairman Senator Farooq Hamid Naik that the scope of the track and trace system will to extend to industries such as sugar, cement and fertilizer. He said that this system would also monitor the beverage industry. It help in resolving the issue of under-invoicing as well as expanding the tax base.

The committee informed that the FBR started work on developing the system. But unfortunately it was not able to complete it. The FBR resumed work on the mechanism and expected that it will operational by July 2021.

See also  New Taxes on Cars

ALSO READ | FBR introducing tax stamps for track & trace system from July 2021

The meeting attended by the Chairman FBR and senior officials of the Ministry of Finance, FBR and the Securities and Exchange Commission of Pakistan.

What is track and trace technology?

Track and trace technologies enable a product’s status to be captured through the value chain, and to retrospectively identify and verify its path.

What are track and trace solutions?

Track and trace solutions provide transparency and help you, as a business, to be able to put into place the correct measurements, so data can be fully utilised.

What is the difference between tracking and tracing?

Tracking or Tracing? In logistics, tracking generally means following the path or current location of a delivery in real time. … Tracing, on the other hand, means following the path of a delivery backwards from its current point to where it started.

FBR | Federal Board of Revenue | Track & Trace System | Cement | Sugar | Fertilizer | Stamps |

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