ISLAMABAD: The Federal Board of Revenue (FBR) has sought applications for grant of five years licence for implementation of Track and Trace System for cement, sugar and fertilizer sectors to monitor the clearances of duties/taxes paid items from around 100 units of these sectors.
The FBR has also asked the companies to provide price for Tax Stamp (Unique Identification Markings) with estimated quantity of 1.5 billion per year (As per Sales Tax Returns data) and unit price for per 1000 Tax stamps (Unique Identification Markings).
The FBR shall consider proposals only from those applicants who can demonstrate that they are currently providing Track and Trace solutions based on secure paper based stamps. The successful applicant will be issued a licence for a period of five (5) years to establish, maintain and operate a track and trace system in Pakistan in accordance with the Licensing Rules, 2019.
The applicant should have a yearly turnover of above US$50 million in any of the last three years or financial worth of US$25 million. The applicant should demonstrate that the capacity of stamping and coding equipment is 1 Billion or more stamps and codes per annum and it has the ability to be scaled up further as per requirements of the industry and FBR.
According to the FBR’s new document, the FBR like all other tax authorities in the world aims at acquiring and implementing IT based tools and solutions in order to ensure enhanced revenue, improved monitoring and reliable revenue forecasting.
