ISLAMABAD: The Federal Board of Revenue (FBR) is all set to fully implement the track and trace (T&T) system at tobacco manufacturers,
following signing of the tripartite agreements with three cigarette manufacturers.
Tariq Shaikh, Project Director Track & Trace of the FBR had repeatedly informed that the Track & Trace system is a game changer for the industry to overcome the losses to the tunes of billions of rupees to the national exchequer.
Meanwhile, Khyber Tobacco Company (KTC) has already implemented track and trace by fixing tax stamps on its products, and has become the first national company in Pakistan to become fully compliant.
KTC, being the first nationwide manufacturer to adopt and implement the system, is expected to contribute approximately Rs 1.8 to Rs 2 billion in tax contribution in 2021-22.
“This contribution (in tax) makes KTC the first nationwide company to achieve this target,” sources said.
Commenting on KTC’s success model, industry experts said that they expect that other local manufacturers will also emulate KTC’s example both in terms of following the system, quality and contribution to national exchequer.
Founded in 1954, the company has earned a place among the top few companies of Pakistan in tobacco industry through its high quality products.
Khyber Tobacco Company (KTC) is all set to compete with tobacco industry’s giants in the international market as government gave its green signal to export its products to Europe and Central Asia.
Sources told Business Recorder that the government has allowed KTC to export tobacco products of over $ 100 million to countries in Europe and Central Asia during the fiscal year 2022-23.
Over the years, the company has established a strong foothold in Pakistan with a modern fully integrated production facility aimed at export quality brands and a vast and well established sales and distribution network.
The said company has an established distribution network in parts of Far East Asia, Eastern Europe, South and West Africa, Central and South Asia and the Middle East.
In acknowledgment of company’s role, the company has received several “Export Awards” from the government as well as from the Federation of Pakistan Chamber of Commerce and Industry (FPCCI).
Copyright Business Recorder, 2022
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