PM urges introducing track, trace system to avoid massive tax evasion

PM urges introducing track, trace system to avoid massive tax evasion

Advertisement

Prime Minister Imran Khan has urged the need for introducing a tax and trace system to avoid excessive tax evasion in areas such as sugar, cement, fertilizers, and the tobacco industry.

As per the details, PM Khan chaired a meeting of the federal cabinet in Islamabad on Tuesday. He said that only two companies are paying taxes in the cigarette industry whilst forty percent of cigarettes are being sold in black.

He also highlighted that the Federal Board of Revenue has been striving to bring this system over the last fifteen years but every time their efforts are sabotaged.

On the other hand, the premier said that the FBR has assured to roll out the track and trace system by July this year but now the Sindh High Court has given a stay on it.

PM Khan added that the Law Minister to apprise the high court of the actual situation to get the stay vacated as the tax evasion cannot be checked without automation.

Advertisement

However, he said that due to tax evasion, we have to rely on indirect taxes which leads to a price hike.

Above all, PM Khan stated in the meeting that electronic voting machines have become inevitable to ensure transparency in the elections. He said the cabinet should regularly be updated about the progress made towards this end as well as giving the right of franchise to overseas Pakistanis.

Advertisement
Advertisement
Read More News On

Catch all the Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story