FBR, AJCL Sign Track and Trace Contract

FBR, AJCL Sign Track and Trace Contract

FBR, AJCL Sign Track and Trace Contract

Islamabad: Contract Signed Between FBR and AJCL Consortium for Track and Trace System

A contract has been signed between the Federal Revenue Board (FBR) and AJCL together with its main partner Authentix Inc. USA and Mitas Corporation of South Africa to implement the Track & Trace solution on tobacco, cement, sugar and fertilizers sectors here at the headquarters of FBR. Islamabad on March 5, 2021.

Dr. Muhammad Ashfaq Ahmed, member (IR-Operations), FBR, Mr. Kevin McKenna, CEO and president of Authentix Inc USA, Sten Bertelsen, of Mitas Corporation (Pty) South Africa and Mr. Omer Jaffer CEO of AJCL Private Limited have signed the Agreement on behalf of the respective organizations.

 

“This system will enhance tax revenue, reducing counterfeiting and prevention of smuggling of illicit goods,” the FBR said in another tweet.

The Track and Trace solution will be implemented in the tobacco, cement, sugar and fertilizer sectors from 1 July 2021 in Pakistan in order to improve tax revenues, reduce counterfeiting and prevent smuggling of illicit products through the implementation of a robust, nationwide, electronic monitoring system of production volumes and placing over 5 billion tax stamps on various products in the production phase, which will allow FBR to track goods throughout the supply chain

Also Read: National Savings Schemes Sees Increase In Profit Rates

Dr. Muhammad Ashfaq Ahmed, member (IR Operations), FBR welcoming CEO Authentix and other consortium members commented that FBR will work closely with the AJCL consortium while implementing the program in several sectors with very aggressive timelines.

Kevin McKenna of Authentix said that, like in other countries, It is expected that the program should help provide a transformative boost to the local economy, improve revenue and make the tax collection process more transparent for the benefit of the industry.

 Mr. Omer Jaffer, CEO of AJCL, commented that the Consortium was eager to work with FBR to configure and implement the various components of the solution, including the application of the tax stamps application and production monitoring equipment and increase the production of the specialized tax stamps that will act as unique identification marks on the products.

It is believed that the installation of the track and trace system in the specified sectors would change the rules of the game and would generate more than 45 million tons of cement, more than 4 billion cigarette tobaccos, more than 4 million tons of sugar and more than 30 million tons of fertilizers in the tax network, as well as improving the digitization of economic activity, improving revenue forecasts and curbing counterfeit products in the market.

Also Read: Rawalpindi Traffic Police Launches e-Challan Payment System

For more news, blogs, investment opportunities, current real estate market, top interior design trends, technology,  planning, development, digital Pakistan vision, Tourism and any current news, visit  Landster. Pk

 

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