Daily Times

Senate Standing Committee on Finance, Revenue and Economic Affairs here on Monday was informed by the Federal Board of Revenue (FBR) that its track and trace system would be rolled out from July 2021 that would help in enhancing revenue collection in the country. The committee which met here with Senator Farooq Hamid Naek in the chair was also apprised that the scope of track and trace would be expended to other industries including sugar, cement and fertilizers. The system would also monitor the beverages and help to overcome the issues of under-invoicing as well as expanding the tax base. The committee was also informed that FBR had initiated work on track and trace system development but unfortunately it was not succeeded, adding that the work was initiated again and that would be operational by July this year. While, discussing another agenda item on the Bill further to amend Companies Act 2017, the Companies Amendment Bill 2020, the committee recommended to send it to the House.