ISLAMABAD: Federal Board of Revenue (FBR) has decided online monitoring the sale of petroleum products in order to prevent tax evasion.
In this regard the FBR issued SRO 23(I)/2020 dated March 16, 2020 to amend Sales Tax Rules, 2006. The amendment has been introduced in Rule 150ZF to include petroleum products in the list of specified items.
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As per the rule 150ZF, it shall apply to electronic monitoring, tracking and tracing of production, import and supply chain on real time basis.
The FBR has already included items in the list for real-time monitoring of goods, which included: tobacco products; beverages; sugar; fertilizers; and cement.
The FBR also clarified that specified goods including petroleum products, if brought from non-tariff area as define in the Federal Excise Act, 2005 shall be treated as imported goods.
Through another amendment to rule 150ZG the FBR also redefined licensing committee as a committee comprising at least three members of Inland Revenue Officers not below the rank of BPS-20 of FBR Headquarters, assisted by technical or IT expert and any other officer or authority designated by the Board.
Prior to the amendment, the licensing committee was defined as: a committee comprising Commissioner (Zone-1), LTU, Islamabad, Commissioner (Zone-1) LTU Karachi, Commissioner Mardan Zone, RTO Peshawar, Director, Intelligence and Investigation-IR, Islamabad, Chief-IR (Operations-1), FBR Headquarters, Islamabad and any other officer or authority designated by the Board.
