Sugar mills sign deal to implement Track and Trace System
KARACHI: Representatives of sugar mills have signed an agreement for the implementation of a track and trace system introduced by the Federal Board of Revenue (FBR), a statement said.
The tripartite agreements were signed at the Large Taxpayers Office (LTO), Karachi among the representatives of sugar mills, FBR and the consortium AJCL/Mittas/Authentix for the implementation of the Track and Trace System.
Shahid Iqbal Baloch, chief commissioner of LTO, welcomed the representatives and oversaw the signing ceremony.
Speaking on the occasion, the chief commissioner highlighted the importance of the Track and Trace System.
He believed the launching of the system will be a great stride towards accelerating digitalisation of economic activities, improving revenue forecasting and curbing counterfeit products in the market.
The Track and Trace System is to be rolled out in a multi-phasic manner across tobacco, cement, sugar and fertiliser sectors in Pakistan with a view to enhancing tax revenue, reducing counterfeiting and preventing the smuggling of illicit goods through the implementation of a robust, nationwide, electronic monitoring system of production volumes and by the affixation of more than 5 billion tax stamps on various products at the production stage, which will enable the FBR track the goods throughout the supply chain.
Tariq Hussain Shaikh, project director, (Track and Trace System), FBR, reiterated the importance of the project and called it a game-changer for improving revenue and curbing counterfeit products in the market.
The meeting concluded with the handing over of the agreements by the chief commissioner to the representatives on behalf of the Federal Board of Revenue.
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