ISLAMABAD ( Web News )
“The Track & Trace System (TTS) will help in bringing transparency to the tax collection process and that is the reason behind the strong support of the Prime Minister of Pakistan and Chairman FBR for Track & Trace Program.” This was stated by Mr. Tariq Hussain Sheikh, FBR’s Project Director TTS, as he spoke at a symposium held on the implementation of TTS in the fertilizer sector.
The prior implementation of the TTS in the sugar sector has already raked in four times the taxes this year from majority of the companies, as compared to the last year. Mr. Tariq Hussain Sheikh, in his speech, applauded the Government of Pakistan for their continuous support and was positive that this program will carry on with the cooperation of the manufacturers and in turn, increase the tax revenue of Pakistan.
Amongst the attendees were key players and industry experts including representatives from the fertilizer sector such as Agritech Fertilizer Limited, Barket Fertilizers (Pvt) Limited, Engro Fertilizers Limited, Fatima Fertilizer Company.
The TTS is a transformational, one-of-a-kind, initiative that integrates real-time production monitoring, tax-stamp affixation and data sharing with the FBR’s network in a seamless manner, resulting in transparency of taxation process, digital record keeping, tracking of goods throughout the supply chain, and thereby improving ease of business for manufacturers and consumers alike.
The TTS shall also assist in capturing undeclared markets, help with the under-reporting of production and sales, restrict the flow of illegal/untaxed products and prevent leakage of revenue. After Sugar and Tobacco, the TTS shall ultimately be extended to multiple other sectors of the economy including cement and others. With the successful implementation of this system in Pakistan, FBR aims to ensure that there is ‘No Production Without Taxation’.
The role of the AJCL consortium and the industry stakeholders is invaluable in this effort and the FBR has already obtained great benefits from the program by gaining more visibility over production and through the automatic generation of relevant tax forms.
The symposium was jointly organized by the Federal Board of Revenue (FBR), along with its licensee, AJCL Private Limited, a leading local company, and its consortium partners Authentix Inc of USA and MITAS Corporation of South Africa.