“The Track & Trace System (TTS) 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 President for the Track & Trace program.”
This was stated by Mr. Tariq Hussain Sheikh, TTS Project Manager of FBR, while speaking at a symposium held on the implementation of TTS in the fertilizer sector.
The pre-implementation of the TTS in the sugar sector has already yielded four times more taxes this year for the majority of companies, compared to last year. Mr. Tariq Hussain Sheikh, in his speech, applauded the Government of Pakistan for its continued support and expressed his belief that this program will continue with the cooperation of manufacturers and in turn will increase Pakistan’s tax revenue.
Attendees included key players and industry experts including representatives from the fertilizer industry such as Agritech Fertilizer Limited, Barket Fertilizers (Pvt) Limited, Engro Fertilizers Limited, Fatima Fertilizer Company.
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. After sugar and tobacco, the TTS will eventually be extended to several other sectors of the economy, including cement and others. With the successful implementation of this system in Pakistan.
FBR aims to ensure that there is “no production without taxation”.