In response to the alarming findings, revealing staggering annual losses amounting to trillions of rupees due to rampant smuggling, tax evasion, and other illicit trade activities, the Government of Pakistan has teamed up with the Special Investment Facilitation Council (SIFC) to roll out a comprehensive strategy aimed at combating illicit trade. Among the key initiatives is the implementation of sophisticated track and trace systems, tailored to target critical sectors such as cement, tobacco, fertilizer, and sugar.
These systems, heralded as a proactive measure against illicit trading activities, are meticulously designed to bolster government oversight and clamp down on tax evasion and smuggling within these industries. By employing advanced technology and stringent monitoring mechanisms, authorities aim to stem the hemorrhage of revenue and safeguard the integrity of Pakistan’s economy.
Looking ahead, policymakers are eyeing the gradual expansion of the track and trace framework to encompass additional sectors, with the overarching objective of bolstering revenue streams, fostering transparency, and bolstering investor confidence. The concerted efforts underscore Pakistan’s resolve to confront the scourge of illicit trade head-on, signaling a renewed commitment to safeguarding the nation’s economic interests.
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