KARACHI: The tripartite agreements were signed at the Large Taxpayer Office (LTO), Karachi among sugar mills, the Federal Board of Revenue (FBR), and the consortium AJCL/Mittas/Authentix for the implementation of Track and Trace System (TTS).
Shahid Iqbal Baloch, the Chief Commissioner, LTO, welcomed the representatives and oversaw the signing ceremony.
Speaking on the occasion, the Chief Commissioner highlighted the importance of the TTS.
He believed that launching of the TTS will be a great stride towards accelerating digitisation of economic activity, improving revenue forecasting and curbing counterfeit products in the market.
The Track and Trace Solution is to be rolled out in a multi-phase manner across the tobacco, cement, sugar and fertiliser sectors in Pakistan with a view to 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.
Tariq Hussain Shaikh, the Project Director, (Track & Trace System), FBR reiterated the importance of the project and called it a “game changer” for improving revenue and curbing counterfeit products in the market.
The meeting concluded with the handing over of the agreements by the Chief Commissioner to the representatives on behalf of the FBR.
Copyright Business Recorder, 2021