Friday, 29 March 2024
Trending
Track Trace System of Federal Board of Revenue
UPDATES

Track and Trace System: Contract signed between FBR and AJCL

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.

See also  Proposed increase in taxes on telecom services in mini budget

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.

Online Tax Courses in Pakistan

Track & Trace System | FBR | Federal Board of Revenue | AJCL | Authentix | Mitas |

Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: