FBR Enforces Electronic Monitoring of Steel Sector

The Federal Board of Revenue (FBR) has enforced electronic monitoring of the steel sector for tracking the production of steel items. It will also monitor the import and supply chain of steel products on a real-time basis It issued S.R.O. 541 (i)/2022 today to amend Sales Tax Rules, 2006, to check sales tax evasion in the steel sector. According to the amended rules, if steel products are brought from non-tariff areas as defined in the Federal Excise Act, 2005, they will be treated as imported goods. After the inclusion of the steel sector into the list of electronic monitoring, the sector is now required to install a track and trace system at the manufacturing premises, sources said. Under the revised rules, the procedure applies to the electronic monitoring, tracking and tracing of the production, import, and supply chain of the steel sector, tobacco products, beverages, sugar, fertilizer, cement, and petroleum products; provided that any or all of these goods are monitored, tracked, and traced in the manner given in this procedure and any other instructions, procedures and orders issued by the board; and provided that the specified goods, if brought from non-tariff areas as defined in the Federal Excise Act, 2005, will be treated as imported goods for this procedure, the FBR added.