FBR to Deploy Track and Trace System in Various Sectors
The measure will not only help to keep track of the products throughout the supply chain but also stop the penetration of counterfeit products in the market
In a bid to digitize the economic activity from of tobacco, cement, sugar, and fertilizer sectors at full length, Federal Board of Revenue (FBR) has signed an agreement with three firms to activate track and trace system.
The system will not only help to keep track of the products throughout the supply chain but also stop the penetration of counterfeit products in the market.
FBR officials said some 45 million tons of cement and four million tons of sugar, 30 million tons of fertilizer, and more than four billion tobacco cigarettes would be brought into tax net.
The board will task three firms including AJCL (Pvt) Limited, Authentix Inc. USA, and Mitas Corporation for track and trace solutions.
FBR IR-Operations member Muhammad Ashfaq Ahmed, Authentix CEO Kevin McKenna, Sten Bertelsen, from Mitas Corporation, and AJCL CEO Omer Jaffer signed the contract.
This will enhance digitization of economic activity, improve revenue forecasting and curb counterfeit products in the market.10/10 pic.twitter.com/Flb4tyx0du
— FBR (@FBRSpokesperson) March 5, 2021
The system will be rolled out across tobacco, cement, sugar, and fertilizer sectors from July 1.
FBR spokesperson said that the track and trace solutions will not only surge tax revenue but curtail counterfeit products as well as the smuggling of illicit goods.
A vigorous track and trace digitized monitoring system will be deployed through which production in the related sectors will be monitored.
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FBR will affix as many as 5 million UIM (tax stamps) on the goods in tobacco, cement, sugar, and fertilizer sectors which would help in their tracking throughout the supply chain.
FBR IR-Operations member Muhammad Ashfaq Ahmed commented that the board would work with the firms to roll out the monitoring program across different industries on very aggressive timelines.
Authentix CEO Kevin McKenna said that the program will transform the local economy and increase revenue besides making the tax collection process transparent.
