MELBOURNE, Australia, Feb. 9, 2022 /PRNewswire/ -- Australia-based Security Matters (SMX), a firm focusing on digitising physical products on the blockchain to build a circular and transparent solution for the closed-loop economy, is now able to aid companies in complying with the upcoming 30% recycled Plastic Packaging Tax (PPT) under UK legislation.
Patriotic clothed British lady drinking tea during wet weather - source Getty Images
Taking effect this coming April 2022, the steps taken by SMX for its platform deliver several benefits to companies that will come under the governance of the PPT.
SMX's innovative drop-in and non-destructive solution allows for automated and seamless processes to be integrated into a supply chain, enabling tracking and tracing of all products across the supply chain. All plastic recycled materials will be digitally certified, while human errors are reduced with the use of technology-driven and automated auditing.
"SMX is joining the global sustainability effort by enabling companies and industries to comply with the new plastic regulations as they endeavour to meet their business goals.
Our revolutionary and innovative technology will provide companies with an economical solution to identify and report transparently on its recycled content used in plastic packaging, hence removing their dependency on human and paper auditing. Therefore, minimizing the financial and operational impact on the additional costs of meeting these new plastic tax regulations." said Haggai Alon, founder and CEO of SMX.
Automated reports through the patented blockchain system of SMX will bring transparency with speed and accuracy, making sure that all parties involved - regulation, compliance, and clients - are all in line. This applies to the HM Revenue and Customs system as well, cutting down the work involved when it comes to filing reports. Companies can look forward to reduced overall costs when working with SMX whilst complying with the new PPT, as well as contributing to environmental friendliness and stability by going digital.
With the capacity to track, trace, certify, and authenticate all gas, liquid, and solid products throughout the entire supply chain from raw material, eventual product, to recyclables and reuse, SMX provides an all-encompassing solution that sets the stage for a circular economy.
Understanding The Plastic Packaging Tax
Announced in 2018, the PPT utilises the tax system to address single-use plastic waste and drive the adoption of recycled materials when producing plastic packaging. All businesses will be required to register for the PPT, however, there are two parties that will be severely affected.
All manufacturers that use less than 30% of recycled plastics in their packaging is one of those, while importers who either produce or import ten metric tonnes or more of plastic packaging each year will also come under the scrutiny of the PPT.
The tax will apply to any packaging that classifies plastic as the heaviest component, and will include biodegradable and compostable plastic as well.
About Security Matters Limited
Security Matters is the next generation solution to address the anti-counterfeit, brand protection, client liability and track and trace markets. The company has developed a suite of integrated solutions to solve both authentication and track and trace challenges in order to uphold supply chain integrity and provide quality assurance and brand accountability to producers of goods.
View original content to download multimedia:https://www.prnewswire.com/news-releases/security-matters-limited-streamlines-compliance-with-uks-plastic-packaging-tax-301478566.html
