ISLAMABAD: The Federal Board of Revenue (FBR) is likely to increase the prices of tax stamps used by documented cigarette manufacturers and other sectors/industries operating under the track and trace system.

In this regard, the Directorate General of Digital Initiatives FBR issued a notification here on Thursday.

The FBR has reconstituted the licensing committee to review the prices of tax stamps which would ultimately result in a rise in the prices of the said stamps.

According to the FBR’s notification, the competent authority has been pleased to reconstitute licensing committee comprising following officer, IT experts of the FBR and Pakistan Revenue Automation Limited (PRAL) officials as Chairman and Members of the licensing committee for revision of and charges for tax stamps with immediate effect.

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Chairman of the committee would be Aqeel Ahmed Siddiqui, director general Intelligence and Investigation (Inland Revenue) Islamabad. Members of the committee are Naeem Hassan, Commissioner Inland Revenue, Large Tax Office (LTO) Islamabad; Arshad Nawaz Chief, IR—Operations, FBR; Hassan Zulfiqar CIR (AEOI Zone); Abid Naeem, CIO, PRAL, and Zaheer Qureshi, project director Track and Trace System (TTS) would be the convener of the said committee.

The committee shall have full powers to scrutinise/evaluate the price revision application for tax stamps as per Sales Tax Rules, 2006, the notification added.

Copyright Business Recorder, 2023