Web Desk — The Track & Trace System (TTS) will help in bringing transparency to the tax collection process, said FBR’s Project Director TTS Tariq Hussain Sheikh at a symposium held on the implementation of TTS in the fertilizer sector.<\/p>\n\n\n\n
As a result of the prior implementation of the TTS in the sugar sector, the majority of companies have already collected four times as much taxes this year as they did last year. During his speech, Mr Tariq Hussain Sheikh was confident that this program will continue to grow with the support of manufacturers, thereby increasing the tax revenue of Pakistan.<\/p>\n\n\n\n
In a unique way, the TTS integrates real-time production monitoring, tax stamp affixation, and data exchange with the FBR’s network, resulting in transparent taxation, digital record keeping, tracking of goods throughout the supply chain, and thereby improving ease of doing business for manufacturers and consumers alike.<\/p>\n\n\n\n
With the successful implementation of this system in Pakistan, FBR aims to ensure that there is \u2018No Production Without Taxation\u2019.<\/p>\n\n\n\n
The symposium was organized jointly by the Federal Board of Revenue (FBR), its licensee AJCL Private Limited, a leading local company, and its consortium partners Authentix Inc of USA and MITAS Corporation of South Africa.<\/p>\n\n\n\n
Participants included representatives from fertilizer companies including Agritech Fertilizer Limited, Barket Fertilizers (Pvt) Limited, Engro Fertilizers Limited, and Fatima Fertilizer Company.<\/p>\n\n\n\n
What is FBR’s Track and Trace System and How Does It Work?<\/strong><\/p>\n\n\n\n The Track and Trace Solution is to be rolled out across the Tobacco, Cement, Sugar, and Fertilizer Sectors from 1st July 2021 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 FBR to track the goods throughout the supply chain.<\/p>\n","protected":false},"excerpt":{"rendered":" Web Desk — The Track & Trace System (TTS) will help in bringing transparency to the tax collection process, said FBR’s Project Director TTS Tariq Hussain Sheikh at a symposium held on the implementation of TTS in the fertilizer sector. As a result of the prior implementation of the TTS in the sugar sector, the …<\/p>\n","protected":false},"author":1,"featured_media":1861,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1857","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business"],"yoast_head":"\n