Buy | Sell | Rent | Invest
4Dewaari.com

FBR Issues Final Date for Cement Track and Trace Integration

FBR Issues Final Date for Cement Track and Trace Integration

Islamabad: Cement producers now have a final deadline to completely integrate the Track and Trace System (T&TS) from the Federal Board of Revenue (FBR). According to the information provided, starting on April 30, 2024, no cement bag will be permitted to exit any factory, manufacturing facility, or production site without the application of tax stamps or distinctive identity markings, citing trustworthy sources.

Also Read: FBR Issues Final Notice to Non-filers Regarding Disconnection of Utility Services

Since 2022, the FBR has been actively working with consortium partners AJCL Private Limited and MITAS Corporation of South Africa, as well as Licensee Authentix Inc. from the US, to deploy the T&T solution in the cement sector. Cement producers experienced difficulties despite numerous successful demonstrations of the T&TS's capabilities taking place in different locations. Notably, the North Region is home to about 70% of the cement facilities that are now in operation, with the South Region housing the other 30%. Currently, completed cement products are subject to a 20% customs duty, an additional 6% customs duty, PKR 2 per kg Federal Excise Duty (FED), and an 18% sales tax. In addition, the cement industry is liable to an income tax of 11%.

Also Read: FBR Decides to Impose Tax on Retailers in Five Larger Cities

The T&TS's real-time production monitoring capabilities significantly change traditional retrospective auditing techniques. This revolutionary shift ensures more accurate tax assessments and encourages proactive decision-making by giving tax authorities instantaneous and full access to data. The single repository of the system will give tax authorities previously unheard-of visibility into the production landscape of the product.

Related News Posts

DHA Quetta Decides to Hold Sector A-6 Ballot on May 18

DHA Quetta Decides to Hold Sec...

2 weeks ago
Luxury Apartment Project on Murree Expressway Launched by British Firm

Luxury Apartment Project on Mu...

2 weeks ago
Punjab Govt. Initiates “Apni Chhat Apna Ghar” Scheme for 100,000 Families

Punjab Govt. Initiates “Apni C...

3 weeks ago
Solar Power Initiative for 50,000 Households Approved by CM Punjab

Solar Power Initiative for 50,...

3 weeks ago