Wednesday, February 1, 2023

FBR collects Rs26.5 billion sales tax from sugar industry

Because of the successful implementation of the Track and Trace system in all 79 sugar mills in Pakistan, the Federal Board of Revenue (FBR) has received a record Rs26.5 billion in sales tax from the sugar industry.

According to the Federal Board of Revenue, sales tax collections from the sugar industry increased by 33 percent during the first four months of the sugarcane crushing season.

According to the records, the sector produced 7.51 metric tonnes of sugar during the current season, compared to 5.63 metric tonnes during the previous equivalent time.

Officials from the Federal Board of Revenue (FBR) stated that the supreme tax collection authority had collected Rs19.9 billion in tax in the previous year, compared to Rs26.5 billion this year.

Particularly, under the FBR’s Trace and Track system, sugar bags cannot be transferred from the factory unless they have been stamped with a tax stamp.

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Federal Finance Minister Shaukat Tarin, in the meantime, complimented the Federal Board of Revenue (FBR) on the successful implementation of the system, which has resulted in an increase in the sales tax. In addition, he announced that the same Track and Trace system would be used in the tobacco, fertiliser, petroleum, and cement industries.

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