ISLAMABAD: Federal Board of Revenue (FBR) signed a contract with AJCL along with its lead partner Authentix Inc. USA and Mitas Corporation of South Africa to operationalize Track and Trace Solution on Tobacco, Cement, Sugar and Fertilizer Sectors.
Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR, Kevin McKenna, CEO, Authentix, Sten Bertelsen, from Mitas Corporation and Omer Jaffer CEO of AJCL signed the Contract on behalf of their respective organizations.
The track and trace Solution is scheduled to be rolled out across the tobacco, cement, sugar and fertilizer sectors from July 01, 2021 in Pakistan.
This system will enhance tax revenue, reducing counterfeiting and prevention of smuggling of illicit goods.
Track and Trace involves implementation of a robust, nationwide, electronic monitoring system of production volumes by affixation of more than 5 billion tax stamps on various products at the production stage, which will enable FBR to track the goods throughout the supply chain.
Dr. Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR on the occasion said that FBR shall be working closely with AJCL Consortium during the rollout of the program across different industries on very aggressive timelines.
Kevin McKenna of Authentix stated that the program would help provide a transformational boost to the local economy, enhance revenue and make the tax collection process more transparent.
CEO AJCL, remarked that the Consortium was looking forward to working with FBR to configure and implement the various components of the solution.
Around 45million tons of cement, more than 4 billion sticks of tobacco cigarettes, more than 4million tons of sugar and more than 30 million tons of fertilizer would be brought into the tax net.
This will enhance digitization of economic activity, improve revenue forecasting and curb counterfeit products in the market.