SIFC launches track, trace systems to tackle smuggling in Pakistan

MG News | May 13, 2024 at 10:41 AM GMT+05:00

0:00

May 13, 2024 (MLN): To curb smuggling and tax evasion in Pakistan, the Special Investment Facilitation Council (SIFC) has introduced track and trace systems to prevent smuggling of cement, tobacco, fertilizer, and sugar, as stated a post by the Information Ministry.

According to a report by Action and Counter Illicit Trade Alliance (ACT), Pakistan is losing trillions of rupees in taxes annually due to smuggling, tax evasion, counterfeiting and illegal trade.

The track and trace system will gradually be installed in other industries as well to bring them under government supervision.

These measures are aimed at curbing illegal trading activities, increasing revenue, transparency and increasing investor confidence.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	161,669.42 126.57M	0.63% 1011.92
ALLSHR	97,958.38 374.62M	0.77% 749.67
KSE30	49,042.36 98.43M	0.65% 316.41
KMI30	232,301.40 74.75M	1.11% 2546.32
KMIALLSHR	63,848.31 187.66M	0.84% 532.32
BKTi	44,231.61 23.59M	0.37% 163.05
OGTi	31,492.95 12.85M	2.28% 702.29

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	96,995.00	100,495.00 96,845.00	-1130.00 -1.15%
BRENT CRUDE	64.01	64.87 63.36	1.00 1.59%
RICHARDS BAY COAL MONTHLY	85.25	0.00 0.00	0.15 0.18%
ROTTERDAM COAL MONTHLY	95.50	96.20 95.50	-0.05 -0.05%
USD RBD PALM OLEIN	1,082.50	1,082.50 1,082.50	0.00 0.00%
CRUDE OIL - WTI	59.70	60.65 58.71	1.01 1.72%
SUGAR #11 WORLD	14.43	14.77 14.37	-0.09 -0.62%