LAHORE: The Federal Board of Revenue (FBR) has decided to implement the Track-and-Trace system on the manufacturing units of steel sector for electronic monitoring of production and supplies of steel products.
The FBR has issued S.R.O. 541(i)/2022 to amend Sales Tax Rules, 2006 to check sales tax evasion in the steel sector.
Sources told this scribe that the FBR has included steel sector into the list of sectors subjected to the electronic monitoring through Track and Trace system following issues raised by the Federal Tax Ombudsman (FTO) within the steel sector.
According to the amended rules, the steel products, if brought from non-tariff areas as defined in the Federal Excise Act, 2005, shall be treated as imported goods.
After inclusion of the steel sector into the list of electronic monitoring, the said sector would now be required to install a track and trace system at their manufacturing premises, the sources said. Under the revised rules, the procedure shall apply to electronic monitoring, tracking and tracing of production, import and supply-chain of steel sector; tobacco products; beverages; sugar and fertilizer; cement and petroleum products.
