FBR registers 33pc growth in sales tax from sugar sector
Business
FBR registers 33pc growth in sales tax from sugar sector
ISLAMABAD (Dunya News) – The Federal board of Revenue (FBR) on Saturday registered 33 percent growth in Sales Tax from Sugar Sector through Track and Trace System.
Federal Board of Revenue(FBR) has achieved one more milestone through successful implementation of Track and Trace System(TTS)on Sugar Sector during the current crushing season, said a statement issued by FBR.
The innovative digital monitoring system of sugar production has been implemented over 79 sugar mills, having 151 production lines nationwide.
It is pertinent to mention that Prime Minister had himself launched TTS on 23rd November, 2021 on the Sugar Sector. Thereafter, no sugar bags were allowed to be removed from the factory premises and sold in the market without tax stamps.
Owing to this transparent electronic monitoring of production, all sugar mills had to declare their actual crushing and production during the current crushing season. Therefore, as a result of this digital intervention, the sugar mills have produced record high sugar i.e. 7.51 Million Tons (up to 24.03.2022) as against 5.63 Million produced during last crushing season, showing an increase of 34 percent.
Likewise, FBR has collected Sales Tax amounting to Rs.26.5 billion in first four months (i.e. Dec,21 to Mar, 22) of current crushing season as against Rs.19.9 Billion collected during the corresponding period in the last crushing season, registering an increase of Rs 6.59 Billion which comes to 33 perecent growth.
In addition to above, Inland Revenue Enforcement Network (IREN) Squads of FBR, in a counter-evasion operation, conducted more than 60 raids in various markets throughout the country to ensure successful implementation of Track and Trace System. During the operation, the unstamped bags were seized by FBR officials as per law and procedure, which were being sold without tax stamps.
Federal Minister for Finance and Revenue, Shaukat Tarin has commended FBR for successful implementation of Track and Trace System which has made Pakistan a sugar surplus country, once more.
Likewise, Chairman FBR/ Secretary Revenue Division,Dr. Muhammad Ashfaq Ahmed has also appreciated the performance of Track and Trace System.
He further reiterated that over the next few months, implementation of Track and Trace System on the entire Tobacco Sector as well as on other important sectors like Fertilizers, Petrolium, and Cement will be ensured.
It will result in digital monitoring of the large scale manufacturing and production of these key sectors. Besides, preventing revenue leakages, it will help in minimizing human intervention and thus pave the way for a transparent and reliable tax compliance system across the country, he concluded.
