Sources told Business Recorder here on Tuesday that the meeting was held to review the progress on reform initiatives including those incorporated in budget (2018-19). It was the last meeting of the TRIC during the tenure of the present government. Tax authorities highly appreciated the role of the TRIC in assisting the FBR for speedy implementation of reforms.
The meeting decided to continue with the implementation of the reforms in the tax policy and enforcement, etc, during the tenure of the next government. The FBR has already implemented some recommendations of the TRIC regarding audit in budget (2018-19). During the last meeting, the TRIC had decided to consult Competition Commission of Pakistan (CCP) and National Accountability Bureau (NAB) for finalizing a foolproof process for track and trace system of tobacco products. It was decided to start a consultative process with the CCP and NAB for monitoring & tracking system for tobacco products.
One of the proposals under consideration is that the concerned company will provide full investment while the tax department will be involved in monitoring of manufacturing process and clearance of tobacco products. Presently, current track and trace system of the customs is functional where the cargo movement is monitored by keeping a track of the trucks moving from place to place.
During the last meeting, tax authorities opined that current request for proposals (RfP) for monitoring of tobacco products needs to be amended in line with the recommendations made by various bidders and other stakeholders, whereby the company on the basis of requirements of the FBR will install the system. The company will provide full investment, while the department will be involved in monitoring product manufacturing. The authorities highlighted the importance of short-listing two to three bidders to increase competition for the benefit of the department, and the chairman FBR agreed to it.
Certain monitoring procedures have to be put in place and that standardization and prescreening would be carried out and completed. It was decided that standardization would be drafted and comments of other members of the sub-committee would be sought and once the sub-committee approves the process, the same will be reviewed by the chairman and then rolled out.