The Federal Board of Revenue and AJCL along with its lead partners Authentix Inc. USA and Mitas Corporation of South Africa signed a contract to operate the tracks and trace systems for specific sectors such as tobacco, cement, sugar and fertilizer.
Dr. Muhammad Ashfaq Ahmed Member IR Operations signed the contract on behalf of FBR and Kevin McKenna CEO and President of Authentix Inc USA, Sten Bertelsen, from Mitas Corporation (Pty) South Africa and Mr. Omer Jaffer CEO of AJCL Private Limited.
The track and trace system for specific sectors such as tobacco, cement, sugar and fertilizer will be launched on July 1, 2021. Thanks to this system, tax revenue will increase. Electronic surveillance and the imposition of 5 billion tax stamps on the production level will help control and track the smuggling of counterfeit and illicit goods across the country.
Welcoming the CEO Authentix and other members of the Consortium, Dr. Muhammad Ashfaq Ahmed, Member IR Operations. He said that the FBR would work with AJCL to complete the system within the stipulated time.
The CEO Authentix said the program would boost the local economy and increase revenue through transparency. The AJCL chief executive officer said the contracting parties would work with the FBR. To monitor production and apply tax stamps for specific identification of items.
The track and trace system would brought about 45 million tonnes of cement. More than 4 billion cigarette sticks. More than 4 million tonnes of sugar. 30 million tonnes of fertilizer into the tax net, which will eliminate counterfeit goods and increase revenue.