FBR establishes a deadline for the integration of Track & Trace in the cement industry

The Federal Board of Revenue (FBR) has finalized the balance period for cement manufacturers to get T&TS 100 percent installed. From reliable information, from April 30, 2024, it should be impossible for a cement bag to leave any production site, factory, or manufacturing plant without any of the two – a tax stamp or some kind of identifying markings.

Read: FBR Establishes Single Portal Committee To Streamline Sales Tax Returns In The Telecom Industry

Since 2022, as part of a joint effort with Licensee Authentix Inc. from the US, alongside consortium partners AJCL Private Limited and MITAS Corporation of South Africa, the FBR has been actively engaged in implementing the T&T solution within the cement business sector.

Even if many productive exhibitions evidence that T&TS competencies took place within different plants, in the certainty of cement manufacturers there were some delays. It is noteworthy to mention that approximately 70% of operational cement plants are in the North Region. While the rest 30% are in the South Region.

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Presently, the finished cement products charge a customs duty that is 20% completed and added customs duty of six percent. Although,  PKR 2 per kg Federal Excise Duty (FED), and finally, 18% sales tax. There is furthermore an 11% income tax imposed on the cement industry.

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T&TS’s real-time production monitoring capabilities seem a paradigm shift in traditional retrospective auditing methods. This is the change that transforms and allows tax authorities to access the data in real-time and accumulative. This would enable climate targeted proactive decision-making and will endorse more accurate tax assessments. The transmission system creates a centralized repository for tax authorities that is a first in the production landscape of the sector.

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