The Federal Board of Revenue (FBR) earned Rs. 26.5 billion in sales tax from the sugar industry in the first four months of the current crushing season (Dec 2021 to Mar 2022), a 33 percent increase.
During the current crushing season, the Track and Trace System (TTS) was successfully implemented in the sugar industry, marking a major milestone. Over 79 sugar mills with 151 production lines have deployed an innovative digital monitoring system for sugar output.
It’s worth noting that the Prime Minister personally announced TTS for the sugar industry on November 23, 2021. After then, no sugar bags were permitted to be withdrawn from the plant and sold in the market without being stamped with a tax stamp.
All sugar mills were required to disclose their real crushing and output throughout the current crushing season as a result of this transparent electronic monitoring of production. As a consequence of this digital intervention, sugar mills have produced a record amount of sugar, 7.51 million tonnes (up to March 24, 2022), compared to 5.63 million tonnes during the previous crushing season, a 34 percent increase.
FBR collected Rs. 26.5 billion in Sales Tax in the first four months of the current crushing season (Dec 2021 to Mar 2022), up from Rs. 19.9 billion in the previous crushing season’s similar period, a 33 percent rise.
In addition to the foregoing, FBR’s Inland Revenue Enforcement Network (IREN) Squads conducted more than 60 counter-evasion raids in different marketplaces around the nation to guarantee the Track and Trace System’s effective deployment. The unstamped bags were confiscated by FBR authorities during the operations, as required by law.
Shaukat Tarin, the Federal Minister of Finance and Revenue, praised the Federal Bureau of Revenue for successfully implementing the Track and Trace System, which has restored Pakistan’s sugar surplus.
Dr. Muhammad Ashfaq Ahmed, Chairman of the Federal Board of Revenue (FBR), has praised the Track and Trace System’s effectiveness. He reaffirmed that the Track & Trace System would be implemented for the whole tobacco industry, as well as other critical sectors such as fertilizers, petroleum, and cement, in the coming months.
As a consequence, large-scale manufacturing and output in these critical areas will be digitally monitored. He concluded that, in addition to avoiding income leakages, it would assist to minimise human interference, paving the path for a transparent and dependable tax compliance system throughout the nation.
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