ISLAMABAD: Pakistan has decided to monitor production in the industrial sector as per International Monetary Fund (IMF) demand, ARY News reported on Friday.
As per details, the Federal Board of Revenue (FBR) has fulfilled another condition set by the International Monetary Fund (IMF) as it has decided to monitor production in the industrial sector.
According to the FBR, electronic video surveillance will be implemented to track the production of goods. A digital eye software will be installed for this purpose, and a central control unit will provide real-time data to the FBR.
By analyzing production records, legal action can be taken against any violations. No goods will be allowed to leave the factory without proper monitoring.
Monitoring equipment will be installed at business premises through a licensed vendor, who will be responsible for upgrading the technology over time. The vendor will also be authorized to charge a fee for the installation, the FBR said.
The FBR has issued a notification amending the Sales Tax Rules of 2006 to implement this system.
Read more: Pakistan averts mini budget as IMF ‘agrees’ to lower tax target by Rs600bln
Earlier it emerged that Pakistan and the International Monetary Fund (IMF) have reached a consensus to reduce the tax target by Rs600 billion after the Federal Board of Revenue (FBR) successfully improved the tax-to-GDP ratio.
Sources confirmed that the risk of a mini-budget has been averted with the tax reduction approval by the International Monetary Fund.
Both parties agreed on necessary amendments to the current fiscal strategy.
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