ISLAMABAD: The FBR has implemented a track and trace system to prevent tax evasion in big industries. Now cigarette sellers and manufacturers without tax stamps will face imprisonment and a fine.
From July 1, tax stamps must be affixed on every box of cigarettes. Once the package is opened, the tax stamp will also be torn off, and the box cannot be sold again.
Read More: The mastermind of Rs 5 billion tax fraud has been traced.
According to the sources, the national exchequer is losing 80 billion rupees annually due to the illegal trade of cigarettes. The new system will reduce it. Three years of imprisonment will be imposed while all stock exported without tax stamps will also be confiscated.
According to sources, only three major corporations have implemented track and trace, while several others have taken the legal route. Experts say that a track and trace system should be introduced in all companies to promote a paperless economy.
Read More: Forged documents in a consignment auction revealed tax evasion.
