May 24, 2022: A symposium was recently organized at a local hotel in Islamabad by the Federal Board of Revenue (FBR), along with its licensee, AJCL Private Limited, a leading local company, and its consortium partners Authentix Inc of USA and MITAS Corporation of South Africa to discuss the implementation and progress of the Track & Trace System (TTS) in the Cement Sector.
The FBR has rolled out the program in 4 key sectors of the economy including, cement, sugar, fertilizer and tobacco to streamline their initiative to bring about tax efficiency in Pakistan. The TTS is a transformational, one-of-a-kind, an initiative that integrates real-time production monitoring, tax-stamp affixation and data sharing with the FBR’s network in a seamless manner, resulting in the transparency of the taxation process, digital record keeping, tracking of goods throughout the supply chain, and thereby improving ease of business for manufacturers and consumers alike.
Commenting on the monumental task ahead, Mr. Zubair Yaqub, Project Director – TTS, AJCL stated, “The TTS is to surely aid in the transparency to the whole tax collection process in Pakistan. TTS will be beneficial for all, as a reduction in illicit trade provides an even playing field to the tax-paying manufacturers. The government also benefits, as more taxes are collected. It is and has been the strongest reason behind the robust support of the Prime Minister of Pakistan and Chairman FBR for the Track & Trace System. Up till now, TTS has had very strong results and the FBR has seen revenue growth through its implementation in the sugar sector” He further said, “Taking it to step by step, brick-by-brick and sector-by-sector, we remain committed to improving the economic future of Pakistan with the implementation of TTS in all business sectors.”
The role of the AJCL consortium and the industry stakeholders is invaluable in this effort and the FBR has already obtained great benefits from the program by gaining more visibility in overproduction and through the automatic generation of relevant tax forms.
Posted on: 2022-05-24T12:11:44+05:00