Islamabad, 31 August 2022 (TDI): Minister for Finance and Revenue of Pakistan, Miftah Ismail held a meeting with Executive Vice President of Authentix, Tim Driscoll, and a delegation in Islamabad on Monday.
The delegation of Authentix briefed Finance Minister about the updated status of the track and trace system in four sectors including sugar, cement, tobacco, and fertilizer.
It was shared that the track and trace system was beneficial for the Federal Board of Revenue to reduce tax evasion in above mention sectors.
The Finance Minister expressed satisfaction over the progress of the track and trace system and focuses on the necessity of controlling the illicit trade of various products and tax evasion.
Finance Minister Miftah Ismail also directed the delegation of Authentix to ensure full implementation of this system at the fastest time possible for improving overall revenue and curbing the untaxed products in the market.
Authentix Senior Vice President Strategy and Corporate Development Sten Bertelsen, General Manager Pakistan Zafar Masood, and senior officers from Finance Division attended the meeting.
What is a Track and Trace system?
The Track and Trace Solution is to be rolled out to reduce counterfeiting, enhance tax revenue, and prevent the smuggling of illicit goods through the implementation of the fastest, nationwide, electronic monitoring system of production.
Affixing more than 5 billion tax stamps on various products at the production stage will enable the Federal Board of Revenue to track the goods throughout the supply chain.
It has been implemented since July 2021.
With the installation of the track and trace system in the specified sectors, more than 4 billion sticks of tobacco cigarettes, more than a 45million tons of cement, more than 4 million tons of sugar, and more than 30 million tons of fertilizer come under the tax net which is considered a milestone for tax collection of country.
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