The Federal Board of Revenue (FBR) has collected a record Rs26.5 billion in sales tax from the sugar industry after implementing the Track and Trace system in the country’s 79 sugar mills. According to details, the FBR saw a 33 percent increase in sales tax collection from the sugar industry during the first four months of the sugarcane crushing season.
According to the records, the sector produced 7.51 metric tonnes of sugar in the current season, up from 5.63 metric tonnes in the previous season.
According to FBR officials, the ultimate tax collecting authority collected Rs19.9 billion last year, compared to Rs26.5 billion this year.
It should be emphasized that, under the FBR’s Trace and Track system in the sugar industry, sugar sacks cannot be transferred from the plant without a tax stamp.
Meanwhile, Federal Finance Minister Shaukat Tarin praised the FBR for successfully implementing the system, which resulted in a sales tax rise. He also said that a similar Track and Trace system will be used in the tobacco, fertilizer, petroleum, and cement industries.