FBR registered 33 pc growth in Sales Tax from Sugar Sector

44

The Federal Board of Revenue (FBR) on Saturday registered 33 percent growth in Sales Tax from Sugar Sector through Track and Trace System.

Federal Board of Revenue (FBR) has achieved one more milestone through successful implementation of Track and Trace System (TTS) on Sugar Sector during the current crushing season, said a press release issued by FBR here.

The innovative digital monitoring system of sugar production has been implemented over 79 sugar mills, having 151 production lines nationwide.

It is pertinent to mention that Prime Minister had himself launched TTS on 23rd November, 2021 on the Sugar Sector. Thereafter, no sugar bags were allowed to be removed from the factory premises and sold in the market without tax stamps.

Owing to this transparent electronic monitoring of production, all sugar mills had to declare their actual crushing and production during the current crushing season. Therefore, as a result of this digital intervention, the sugar mills have produced record high sugar i.e. 7.51 Million Tons (up to 24.03.2022) as against 5.63 Million produced during last crushing season, showing an increase of 34 percent.

Likewise, FBR has collected Sales Tax amounting to Rs.26.5 Billion in first four months (i.e. Dec,21 to Mar, 22) of current crushing season as against Rs.19.9 Billion collected during the corresponding period in the last crushing season, registering an increase of Rs. 6.59 Billion which comes to 33 perecent growth.

In addition to above, Inland Revenue Enforcement Network (IREN) Squads of FBR, in a counter-evasion operation, conducted more than 60 raids in various markets throughout the country to ensure successful implementation of Track and Trace System. During the operation, the unstamped bags were seized by FBR officials as per law and procedure, which were being sold without tax stamps.

Federal Minister for Finance and Revenue, Shaukat Tarin has commended FBR for successful implementation of Track and Trace System which has made Pakistan a sugar surplus country, once more. —APP

Previous articleHBL & MCB Bank introduce RDA drive ‘Roshan Raho’
Next articleRailway line among Pakistan, Uzbekistan & Afghanistan to prove game changer for region: Azfar