DIGITAL TRACKING: A milestone for trade facilitation
Illicit Financial Outflows (IFFs) are a major source of leakage of economic value from African economies. Illicit Financial Flows (IFFs) can be traced back to commercial activities such as tax evasion, trade mis-invoicing and abusive transfer pricing.
The introduction and implementation of the Digital Tracking and Tracing Solution (DTS) commonly known as the #DigitalTaxStamp will deliver transparency in the outputs of the manufacturing process from industrial production lines and the #tracking and tracing of manufactured products. This #transparency is key in not only curbing #illicittrade in substandard goods, boosting our trade balances by tracing exported products as originating from Uganda but also contributes to accuracy of #taxreceipts from the manufacturing sector through accurate declarations of excise duty from excisable products.
To this end therefore, the introduction and implementation of the Digital Tracking and Tracing Solution is also critical in protecting legitimate local manufacturers against the trade in illicit and #counterfeit products. In levelling the playing ground, it greatly facilitates inter and intra national and regional trade of Ugandan products. Uganda Revenue Authority (URA) #globaltrade #digitalisation #taxstamps #brandprotection #taxrevenue #gtdwchina #uganda #africa #africatrade #trackandtrace #illicittrade