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Wednesday, May 18, 2022
HomeBusinessFBR collects Rs26.5bn sales tax from sugar sector

FBR collects Rs26.5bn sales tax from sugar sector

The Federal Board of Revenue (FBR) has collected a record Rs26.5 billion sales tax from the sugar sector after imposition of effective imposition of the track and trace system in the 79 sugar mills of the country.

As per details, the FBR saw a 33pc surge in the sales tax collection from the sugar sector during the first four months of the sugarcane crushing season.

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The record stated that the sector produced 7.51 metric tonnes of sugar in the current season as compared to 5.63 metric tonnes during the last corresponding period.

The FBR officials said that the supreme tax collection body had collected Rs19.9 billion tax in the last year as compared to this year’s Rs26.5 billion.

It may be noted that the track and trace system imposed by the FBR in the sugar sector, the sugar sacks cannot be transported from the factory without a tax stamp.

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Meanwhile, Finance Minister Shaukat Tarin has congratulated the FBR for the successful imposition of the system that has yielded an increase in the sales tax. He also announced to impose the same track and trace system in the tobacco, fertiliser, petroleum and cement sectors.

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