In a recent report by the Action & Counter Illicit Trade Alliance (ACT), concerns have been raised over Pakistan's staggering loss of trillions of rupees annually due to smuggling, tax evasion, and other illicit trade activities. The 17-member Civil Society Organization has highlighted the severity of this economic challenge.
To tackle this issue head-on, the Govt of Pakistan, in collaboration with the SIFC, has implemented a series of measures aimed at curbing smuggling and tax evasion.
One notable step involves the implementation of track and trace systems specifically targeting industries such as cement, tobacco, fertilizer, and sugar.
These systems are designed to enhance government oversight and prevent illicit trading activities within these sectors.
Furthermore, there are plans to extend the track and trace system to other industries gradually, with the overarching goal of increasing revenue, fostering transparency, and instilling confidence among investors.
