The implementation of the “Track & Trace” (T&T) System is a commendable effort by the Federal Board of Revenue (FBR) after 15 years of struggle. Through T&T, the collection of sales tax increased by 33% only from the sugar industry.
The FBR hinted that in the next few months, along with the entire tobacco industry, other important industries like fertilizer, petroleum, and cement will also be brought under digital surveillance of the track and trace systems. According to the Ipsos report, the illicit trade from 5 major industries (tea, pharmaceuticals, tobacco, real estate and tyres) has reached Rs 310 billion. The fiscal stamps mechanism of the T&T system could be a game-changer.
However, without a uniform and effective implementation of the track and trace system across the industries, the desired results for the track and trace system cannot be achieved.
ABU BAKAR KAREEM
LAHORE
