Based on particulars shared by the FBR spokesman from his Twitter handle, Member IR-Operations of the tax authority Dr. Muhammad Ashfaq Ahmed, CEO, Authentix Kevin McKenna, Sten Bertelsen representing Mitas Company, and CEO of AJCL Omer Jaffer signed the contract on behalf of their respective organizations.
“The Monitor and Hint Resolution is to be rolled out throughout the tobacco, cement, sugar and fertilizer sectors from 1st July 2021 in Pakistan and would improve tax income, lowering counterfeiting and prevention of smuggling of illicit items,” stated the spokesman.
He additional stated that the system includes the implementation of a sturdy, nationwide, digital monitoring system of manufacturing volumes by the affixation of greater than 5 billion tax stamps on numerous merchandise on the manufacturing stage, which can allow FBR to trace the products all through the provision chain.
Dr. Muhammad Ashfaq Ahmed stated that the FBR shall be working intently with AJCL Consortium in the course of the rollout of this system throughout totally different industries on very aggressive timelines.
Kevin McKenna of Authentix said that this system would assist present a transformational increase to the native financial system, improve income and make the tax assortment course of extra clear.
CEO AJCL, remarked that the Consortium was wanting ahead to working with FBR to configure and implement the varied elements of the answer
“45million tons of cement, greater than 4 billion sticks of tobacco cigarettes, greater than 4million tons of sugar and greater than 30 million tons of fertilizer could be introduced into the tax web,” the FBR spokesman stated including that it might improve digitization of financial exercise, enhance income forecasting and curb counterfeit merchandise out there.