ISLAMABAD: The Federal Board of Revenue (FBR), together with its licensee, AJCL Private Limited, a leading local company, and its consortium partners Authentix Inc from the United States and MITAS Corporation from South Africa, organized a symposium on the implementation of Track & Trace System in the fertilizer sector.
Reportedly, many key players and industry experts attended the event including representatives from the fertilizer industry such as Agritech Fertilizer Limited, Barket Fertilizers (Pvt) Limited, Engro Fertilizers Limited, Fatima Fertilizer Company.
The Track and Trace System (TTS), which has already been rolled out in the sugar and tobacco sectors, will eventually be extended to multiple other sectors of the economy, including cement and others.
The TTS is a one-of-a-kind transformational initiative that seamlessly integrates real-time production monitoring, tax stamp affixing, and data sharing with the RBF network, resulting in process transparency. tax, digital record keeping, tracking of goods throughout the supply chain, improving the ease of doing business for manufacturers and consumers.
The TTS should also help capture undeclared markets, tackle under-reporting of production and sales, restrict the flow of illegal/untaxed products and prevent revenue leakage.
The role of the AJCL Consortium and industry players is invaluable in this effort and the FBR has already achieved great benefits from the program by gaining more production visibility and through the automatic generation of relevant tax forms.
Currently, Track and Trace technologies are used around the world, as a way to help governments digitize the economy and improve tax collection; with the successful implementation of this system in Pakistan,
FBR aims to ensure that there is “no production without taxation”. This program will be accretive to the national economy and should provide the federal government with much-needed fiscal space to spend in areas such as health, education and infrastructure development.
FBR’s Track and Trace Project Manager, Tariq Hussain Sheikh, commented on the increase in tax revenue from the sugar industry, pointing out that the majority of companies have paid four times more tax this year than last.
“Track & Trace will help bring transparency to the tax collection process and this is the reason for the strong support of the Prime Minister of Pakistan and the FBR Chairman for the Track & Trace program.”
He further commended the Pakistani government for its continued support and expressed his confidence that this program will continue with the cooperation of manufacturers and in turn will increase Pakistan’s revenue.