Islamabad: The Federal Board of Revenue’s (FBR) Track & Trace System for the sugar sector was unveiled by Prime Minister Imran Khan on Tuesday.
The prime minister, speaking at the event, described the rollout of the track & trace system (TTS) as a “watershed event” in Pakistan’s economic progress, expressing hope that it would lead to much-needed economic prosperity in the future.
Read More: 106 shopkeepers have been fined for selling sugar at inflated prices
“It is an integrated, technology-based solution that shall ensure accurate reporting of production volumes through real-time monitoring of manufacturing by the affixation of tax stamps, improving quality control and thus, ensure increased revenue collection,” he added.
The Prime Minister stated that when he took office, the government inherited a dire economic condition and was faced with numerous obstacles. “With a persistently low tax-to-GDP ratio, our revenue collection system was one of the poorest in the world.” He remarked, “We were unable to effectively mobilise our own resources for the people’s well-being.”
He did say, though, that the current government was determined to bringing about reform and placing Pakistan on the road to self-sufficiency, and that the FBR’s significance could not be overstated. “Improving monitoring procedures and increasing revenue collection was one of our initial priorities,” he continued.
Read More: Sugar mills have been ordered to pay a fine for non-payment
The current government, according to the PM, was the first to break the connection of tax evaders, vested interests, and mafias. “We have not been hesitant to make difficult decisions or to close loopholes by implementing legislation that prohibits corruption and assures openness and fairness,” he stated.
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