Thursday, December 9, 2021

FBR will activate Tracking System to trace goods

KARACHI: The Federal Revenue Service (FBR) signed a contract to activate Tracking System to trace goods.

FBR signed a contract with the consortium on Friday to operationalize the ‘Track & Trace Solution’ in the tobacco, cement, sugar, and fertilizer sectors from July 1, to accelerate the economic activity, improve revenue predicting, and also restraining counterfeit products in the market.

The FBR said the tax network would include 45 million tonnes of cement, more than four billion tonnes of tobacco, four million tonnes of sugar, and also 30 million tonnes of fertilizer.

Moreover, The consortium formed by AJCL (Pvt) Limited, Authentix Inc. USA, and Mitas Corporation has been declared “the most advantageous bid” by FBR based on the highest combined score under the 2019 Licensing Rules and the 2004 PPRA rules.

However, A new system for the tobacco, cement, sugar, and fertilizer sectors will start on July 1.

A contract was signed between the Federal Board of Revenue (FBR) and AJCL, together with its main partner, Authentix Inc. USA and Mitas Corporation of South Africa, to operationalize the Track & Trace solution in the tobacco, cement, sugar, and fertilizers, ”said a tweet from the official FBR Twitter account.

Furthermore, The contract was signed by FBR (IR Operations) member Dr. Muhammad Ashfaq Ahmed, Authentix CEO Kevin McKenna, Sten Bertelsen of Mitas Corporation, and AJCL CEO, Omer Jaffer, on behalf of their respective organizations.

Advantage of Using Tracking System:

“This system will increase tax revenue, reducing counterfeiting and also preventing the smuggling of prohibited goods,” said the FBR in another tweet.

“Track and Trace involves the implementation of a robust electronic nationwide monitoring system for production volumes by displaying more than 5 billion tax stamps on various products in the production phase, which will also allow the FBR to track goods across the supply chain ”.

Dr. Ashfaq Ahmed said FBR will also cooperate with the AJCL consortium in various sectors under aggressive conditions during the program.

Moreover, Kevin McKenna said the program would help give the local economy a transformative boost, increase revenue and make the tax collection process more transparent.

Omer Jaffer also said the consortium is looking forward to working with the FBR to configure and implement various components of the solution.

Furthermore, in a previous announcement, FBR had said that installing the Track and Trace System in identified sectors would be a game-changer to improve revenue and contain counterfeit products on the market.

Moreover, FBR expects to start the installation of UIMs (tax stamps) in products from different sectors from July this year.

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
Latest news
0
Would love your thoughts, please comment.x
()
x