ISLAMABAD: Prime Minister Imran Khan will launch the track and trace system for electronic monitoring of tobacco, fertilizer, sugar, and cement manufacturing in Pakistan on November 23.
The electronic monitoring that is part of the track and trace system will continue until the goods are delivered to the customers. The new approach, according to the statement, would enhance revenue and combat tax evasion.
The track and trace system has already been established in the tobacco industry, according to the report, while the electronic monitoring system will be spread to other industries following the tobacco and sugar industries.
It will allow for the monitoring of all items from designated industries, and the system will be deployed in the petroleum and beverage industries in the next phases.
PM Imran Khan had proclaimed ‘excellent news’ earlier in October, stating that the Federal Board of Revenue (FBR) had successfully launched its Track and Trace System, which sought to digitize the economy.
Imran Khan announced the system’s introduction in a statement on his own Twitter account, saying it will help raise new income, digitize the economy, and combat counterfeiting.
All of these initiatives, according to the prime minister, are targeted at ensuring efficient and transparent government.
The Federal Board of Revenue (FBR) agreed to implement the Track and Trace System for important economic sectors in 2019.
The decision was taken to avoid revenue leakage, under-reporting of production and sales, and to guarantee appropriate payment of Federal Excise Duty and Sales Tax on the manufacturing and sale of selected commodities, according to the FBR.
The system will be used for certain goods/products such as cement, sugar, fertiliser, and beverages that are imported or made in Pakistan.