FBR, AJCL Consortium Sign Contract For Track And Trace System
Sumaira FH Published March 06, 2021 | 12:18 AM
The Federal Board of Revenue (FBR) here Friday signed a contract with AJCL along with its lead partner Authentix Inc. USA and Mitas Corporation of South Africa to operationalize Track & Trace Solution on tobacco, cement, sugar and fertilizer sectors
ISLAMABAD, (UrduPoint / Pakistan Point News - 5th Mar, 2021 ) :The Federal board of Revenue (FBR) here Friday signed a contract with AJCL along with its lead partner Authentix Inc. USA and Mitas Corporation of South Africa to operationalize Track & Trace Solution on tobacco, cement, sugar and fertilizer sectors.
According to an FBR press statement issued here, the contract was signed by Dr Muhammad Ashfaq Ahmed, Member (IR-Operations), FBR; Kevin McKenna, CEO and President of Authentix Inc USA; Sten Bertelsen, from Mitas Corporation (Pty) South Africa and Omer Jaffer CEO of AJCL Private Limited.
The Track and Trace Solution is to be rolled out across the tobacco, cement, sugar and fertilizer sectors from July 1, 2021 in Pakistan.
The system would be helpful in enhancing tax revenue, reducing counterfeiting and preventing the smuggling of illicit goods through the implementation of a robust, nationwide, electronic monitoring system of production volumes and by the 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.
Speaking on the occasion, Dr Muhammad Ashfaq Ahmed remarked that FBR would be working closely with AJCL Consortium during the rollout of the program across different industries on very aggressive timelines.
Meanwhile, Kevin McKenna of Authentix stated that like in other countries, it was expected that the program would help provide a transformational boost to the local economy, enhance revenue and make the tax collection process more transparent for the benefit of industry.
Omer Jaffer, CEO AJCL, said that the consortium was looking forward to working with FBR to configure and implement the various components of the solution, including the tax stamp application and production monitoring equipment and ramping up the production of the specialized tax stamps that would act as unique identification marks on the products.
The statement said that the installation of the track and trace system in the specified sectors was believed to be a game changer and would bring more than 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 into the tax net as well enhance digitization of economic activity, improve revenue forecasting and curb counterfeit products in the market.
Recent Stories
Pakistan among nine poor countries that produces 90 percent cigarettes for world
Drug peddler arrested; 2310 grams hashish recovered
Bushra Bibi's medical tests conducted in best private hospital: NA told
Ambiguous terms in 'Nikah Nama' can't be used against bride: SC
Minister for Foreign Affairs Ishaq Dar renews Pakistan’s commitment to promoti ..
Provincial Transport Minister Bilal Akbar Khan visits general bus stand, inspect ..
Director General HDA for completing development work on Gulistan-e-Sarmast Hous ..
EU parliament's youngest lawmaker eyes re-election
Fake chilli factory unearthed
10 dead as floods wreak havoc in Kenyan capital
WASA launches comprehensive campaign to test quality of water
Food Authority team conducts operation in Jackson market harbor area
More Stories From Business
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
12 minutes ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
42 minutes ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
40 minutes ago -
Revised UAF budget recommended
41 minutes ago -
IDEA, TEVTA organizes Job Fair for youth
41 minutes ago -
Massive financial, administrative scam unearthed at SCCI
1 hour ago
-
FCCI welcomes Iranian president's visit
1 hour ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
2 hours ago -
Jam Kamal leads efforts to enhance IT Capacity for trade monitoring
4 hours ago -
SECP pushes adoption of IFRS 17 by Insurance sector
4 hours ago -
PSX turns bullish, gains 692 more points
4 hours ago -
RTO Peshawar makes historic seizure of illegal cigarettes worth Rs 162.6 mln
5 hours ago