ISLAMABAD: Federal Board of Revenue has decided to introduce electronic monitoring system SEMP to void the tax theft at manufacturing level.
As per a FBR source the project of SEMP has been in preliminary stage and FBR will hire a private company who would start a pilot project very soon to implement it practically. FBR authorities were of the view that theft of tax at manufacturing level cost national exchequer of billions as there has no record system of manufactured items. Also FBR has no control system to caught this theft at past.
FBR has asked all manufactured to adopt the international style of writing code number and mention page number on their products. After the said system it will be very easy for FBR field formations to detect any tax evasion by checking market goods by electronic device that if they were mentioned in the record presented to FBR or not. The new system will also be applied to beverages.
Current Account records surplus of $619m in March
KARACHI: The current account has witnessed a surplus of $619 million during the month of March 2024, the State Bank...