The Federal Board of Revenue (FBR) recorded a significant 11 percent increase in Tax revenue from sugar sector during July-December’ 2021 period compared to the same period in 2020-2021, primarily due to implementation of the Tracking and Tracing System (TTS).
Data released by the FBR on Friday showed that the FBR raised Rs 32.43 billion in the first six months of the current fiscal year 2021-2022 (July-December), up from Rs 29.30 billion in the same period last year, up 11 % more.
This digital monitoring result in the sugar sector shows that TTS significantly helped prevent revenue loss and increase revenue collection.
The TTS equipment was installed in October-November 2021 and all sugar factories were advised to affix tax stamps attached to each bag of sugar. FBR advised ITS # 5 2021 that sugar bags cannot be transferred from a manufacturing site or manufacturing facility without tax stamps and unique identification tags (UIMs).
Inland Revenue Enforcement Network (IREN) is responsible for fighting tax evasion in the sugar sector in order to control the movement of tax-marked bags of sugar. Regional law enforcement centers across Pakistan have been tasked with conducting raids for unpaid / unpaid sugar. As a result, all IREN centers have stepped up their action against participants in the supply chain to ensure that text-to-speech translation is done both textually and mentally.
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