ISLAMABAD: The Federal Board of Revenue (FBR) on Friday signed a $120 million contract for track & trace system with AJCL Consortium.
According to officials, a contract has been signed between FBR and AJCL, along with its lead partners Authentix Inc of USA and Mitas Corporation of South Africa, to operationalize track & trace solutions in tobacco, cement, sugar and fertilizer sectors.
FBR Member (IR-Operations) Muhammad Ashfaq Ahmed, Authentix Inc CEO & President Kevin McKenna, Mitas Corporation (Pty) representative Sten Bertelsen and AJCL Private Limited CEO Omer Jaffer signed the contract on behalf of their respective organisations.
Officials said that the track & trace solution will be rolled out across tobacco, cement, sugar and fertilizer sectors from 1st July 2021 with a view to increase tax revenue, reduce counterfeiting and preventing the smuggling of illicit goods.
Welcoming the members of the consortium, FBR Member (IR-Operations) Muhammad Ashfaq Ahmed remarked that FBR shall be working closely with AJCL Consortium during the rollout of the programme across different industries on very aggressive timelines.
Authentix Inc CEO Kevin McKenna stated that like in other countries, it is expected that the programme would help provide a transformational boost to the local economy, enhance revenue and make the tax collection process more transparent for the benefit of the industry.
AJCL CEO Omer Jaffer on the occasion said that the consortium is looking forward to working with FBR to configure and implement the various components of the solution, including the tax stamp application and production monitoring equipment and ramping up the production of the specialized tax stamps that will act as unique identification marks on the products.
It is believed that installation of the track and trace system in the specified sectors would be a game-changer and would bring more than 45million tonnes of cement, some 4 billion sticks of tobacco cigarettes, more than 4million tonnes of sugar and some 30 million tonnes of fertilizer into the tax net.