Islamabad: The Federal Board of Revenue (FBR) invoked Section 40-B of the Sales Tax Act 1990 and deputed field formation for monitoring of sales of sugar production at all sugar mills across the country. The tax officers at the sugar mills across the country would check the clearance of stocks through the manually installed system of tax stamps on sugar bags. Under the said enforcement provision of the sales tax law, the FBR or chief commissioner may post an officer of Inland Revenue to the premises of a registered person or class of such persons to monitor production, sales of taxable goods, and stock position.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Pakistani rupee continues its downslide

Karachi: The declining trend of rupee continued on Wednesday as the currency…

Meta cuts jobs to sink more money into the metaverse

On Nov 9, Meta Platforms Inc (META.O) said that it would cut…

China’s Yuan ousts dollar to become most traded currency

The Moscow Exchange trading volume in Chinese yuan surpassed that of the…

Adidas campaign sparks backlash over Israeli soldier

Adidas has faced online criticism after featuring an Israeli soldier in a…