PM Shehbaz Sharif has instructed an inquiry into the Track and Trace System (TTS) failure, aiming to counter tax evasion. Former State Bank Governor Tariq Bajwa will lead the committee tasked with investigating and reporting back to the prime minister. The system, piloted in 2021, has underperformed and failed to meet anticipated outcomes.
ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has constituted a committee to identify flaws and failures of the Track and Trace System (TTS), launched to curb tax evasion and improve revenue collection, ARY News reported on Wednesday.
The committee – headed by former State Bank Governor Tariq Bajwa – has been directed to conduct a thorough investigation and submit its report to PM Shehbaz Sharif.
The Track and Trace System (TTS) is a software-based solution for tracking vehicles, loading units, shipments, and products throughout the entire supply chain, from supplier to consumer.
The TTS was implemented by a consortium through bidding by the Federal Board of Revenue (FBR). It was initially implemented in 2021 in the cigarette industry, followed by the sugar, cement, and fertiliser sectors.
The development comes after the system failed to meet its expected targets.
Earlier, it was reported that the Tajir Dost tax scheme launched by the government to bring retailers into the tax net also failed in attracting the business community.
The Tajir Dost app was launched to tax retailers in Pakistan. Through the app, the government was hoping to bring 3.5 million retailers into the tax net, the sources said.
The scheme is initially launched for traders of Karachi, Lahore, Peshawar, Rawalpindi, Quetta and Islamabad.
Under the scheme the retailers and small-scale traders will be charged Rs1,200 monthly income tax, starting from July 15, 2024. The traders will get 25per cent, concession on the payment of yearly income tax.
Recently, Prime Minister Shehbaz has taken action by ordering a probe into the perceived failure of the Track and Trace System. This move comes as a response to growing concerns about the effectiveness of the system and the necessity to ensure its functionality. The decision to launch a thorough investigation reflects the commitment to transparency and accountability in the government’s efforts to address critical issues. By undertaking this inquiry, the government aims to identify any shortcomings and implement necessary measures to optimize the system’s performance. The focus on the Track and Trace System underscores the significance of efficient monitoring and control mechanisms, especially in the context of public health and safety. As the investigation unfolds, it is important for stakeholders to remain engaged and informed about the developments. Ultimately, the objective is to enhance the reliability and impact of the Track and Trace System, serving the best interests of the nation and fulfilling the government’s responsibility to safeguard the public welfare.
Source: ARY NEWS
Summary:
Prime Minister Shehbaz has initiated an investigation into the shortcomings of the Track and Trace System (TTS) designed to combat tax evasion and enhance revenue collection. The committee, led by former State Bank Governor Tariq Bajwa, has been tasked with a comprehensive review and reporting to the PM. The TTS, aimed at monitoring vehicles, shipments, and products across the supply chain, faced setbacks in meeting its objectives. Additionally, the Tajir Dost tax scheme, intended to bring retailers into the tax net, encountered challenges in attracting the business community.
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