ISLAMABAD (Eshfak Mughal):- The Federal Board of Revenue (FBR)has decided to monitor the production, import and supply chain of the steel sector through the electronic monitoring, tracking and tracing system for avoiding any possible of tax evasion.
The Federal Board of Revenue has made amendments in the rules of Chapter XIV-B in Sub-Chapter 1, in rule 150ZF through SRO 541 on Friday.
Through the amendment, the FBR has added steal sector in the list of the products which were being monitored through electronic monitoring, tracking and tracing system on real time basis.
Currently, the production, import and supply chain of six products including tobacco products, beverages, sugar, fertilizer, cement, and petroleum products were being monitored by electronic monitoring, tracking and tracing of FBR on real time basis.
According to the provision, any or all of the above mentioned goods shall be monitored, tracked and traced through electronically and any other instructions, procedures and orders issued by the Board. The provision also gives mandated that the specified goods, if brought from non-tariff area as defined in the Federal Excise Act, 2005, shall be treated as imported goods for the purposes of this Chapter.
It is pertinent to mentioned here that the government had decided to monitor the cement and fertilizer sectors through electronic monitoring, tracking and tracing system on 16 March 2020.