Track & Trace System to add billions to exchequer: PM Khan

Prime Minister Imran Khan on Saturday appreciated the Federal Board of Revenue (FBR) for achieving its seven months revenue targets and anti-smuggling measures.

“I commend FBR Field Formations on achieving 7-months revenue targets by undertaking bold tax audit and enforcement, and counter-smuggling measures. They must continue working with honesty and commitment,” said PM Khan in a tweet post on Saturday.

The prime minister appreciated the role of FBR Headoffice Team for developing the IT-enabled Transformation Plan and procuring Track & Trace System.

PM Khan was of the view that once fully functional in July 2021, the system would add hundreds “of billions of additional revenue, curb counterfeiting and help establish rule of law.”

The statement comes after FBR surpassed the assigned revenue collection target of Rs2,550 billion set for July-Jan (2020-21) by collecting net revenue of Rs2,570 billion, showing an increase of Rs20 billion.

According to the latest data released by the FBR, the achievement was a result of reform process, significant improvement has been seen.

This target has been achieved despite the issuance of 80 percent more refunds in comparison with same period last FY (Rs129 billion vs 69 billion for last year). This has helped the business community in reducing cost of doing business and providing working capital for investment.

The tax collecting authority also directed the Inland Revenue and Customs Field Formations to beef up the enforcement measures to control the trade of counterfeit, non-duty paid and smuggled cigarettes. The Chairman FBR has issued directives to expedite the administrative and enforcement measures against the trade of counterfeit, non-duty paid and smuggled cigarettes.