FBR to outsource electronic tax stamping of tobacco, beverages, sugar, fertilizer and cement
KARACHI: The Federal Board of Revenue (FBR) has decided to outsource, through licensing, the electronic monitoring, tracking and tracing of production, import and supply chain of tobacco products, beverages, sugar, fertilizer and cement. The tax stamping will be outsourced to companies through licensing, while the fees for tax stamping will be collected from the manufacturers and importers. The license will be granted after a due process for a period of five years.[the_ad id="32940"]Accordingly to the notified procedure, every package, including a tin, container or bottle, of the specified goods whether manufactured or imported will be affixed or printed a tax stamp, banderole, sticker, label, barcode, etc. (tax stamp), while on goods which are exempt or meant for export, tax stamps will not be required to be affixed. However these goods will be marked as "Exempt Goods" or "For Export", as the cast may be. The tax stamp will bear such security features as are approved by the Board in order to prevent counterfeiting; enable accounting of production of the specified goods; and enable any person in the supply chain or an officer authorized by the Commissioner Inland Revenue to authenticate such tax stamp. The system for imported goods shall be installed in a designated area at the port of importation or a customs bonded warehouse, as the case may be, declared by the importer for this purpose, or any other place approved by the Project Director: Provided that the Board may allow tax stamps to be affixed on any specified goods to be imported in a production facility in the exporting country. No person engaged in manufacturing, sale or purchase or handling of specified goods shall remove or tamper with the tax stamp affixed thereon until these are sold to the final consumer. The licensee company will be responsible to operationalize the system within six months of issuance of license. FBR will establish a central control room for viewing, analyzing the movements of goods and responding in cases of alerts. The licensee companies would establish regional control rooms in various field formations and ensure that each factory premises and import station is connected to the system for monitoring of production and generation of periodic reports.