Pakistan is losing a massive amount of money every year due to smuggling, tax evasion, and other illegal trade activities totaling trillions of rupees. The Action & Counter Illicit Trade Alliance (ACT) , a group of 17 organisations recently highlighted this alarming issue.
To solve this problem, the Pakistani government in partnership with the SIFC has launched various initiatives to crack down on smuggling and tax evasion. One significant measure involves implementing tracking systems in key industries like cement, tobacco, fertilizer and sugar. These systems enable better monitoring by the government to prevent illegal trading practices.
Moreover there are plans to expand these tracking systems to more industries gradually. The ultimate aim is to boost revenue, promote transparency and build investor confidence in Pakistan’s economy.
