ByThe Federal Board of Revenue (FBR) has taken significant steps to enhance tax compliance within the sugar industry. The FBR has deployed tax officials to 68 sugar mills in Punjab and Sindh to monitor their operations and ensure accurate tax reporting.
Key Measures:
- Stock-Taking: Initial stock-taking of sugar and molasses will be conducted at each mill.
- Daily Production Monitoring: Daily production and lifting of sugar will be recorded.
- Track and Trace Verification: The proper affixation of track and trace stamps will be monitored.
- Data Reporting: Daily reports on production, lifting, and other relevant data will be submitted to the FBR.
- Sales Tax Return Compliance: The FBR will ensure that sugar mills file their sales tax returns, including Annexure J, accurately and timely.
This move by the FBR aims to address concerns regarding tax evasion and ensure that the government receives its due share of revenue from the sugar industry. By deploying tax officials to monitor the operations of sugar mills, the FBR seeks to enhance transparency and accountability.
By implementing stricter monitoring measures, the FBR aims to ensure that sugar mills comply with tax regulations and report their income accurately. This will help the government collect more revenue and reduce the burden on law-abiding taxpayers.
