SMX, a company focused on digitising physical objects on the blockchain to create a circular and transparent solution for the closed loop economy, offers an innovative solution to enable companies to comply with the 30% recycled Plastic Packaging Tax UK Legislation.
SMX’s unique drop-in marking solution survives all processing and provides plastic recycled producers and sellers with the ability to digitally and physically mark all kinds of plastic recycled materials, thus ensuring accurate and efficient auditing systems.
By utilizing this technology to achieve compliance with PPT requirements, companies shift from a linear approach to the economy to a circular one, benefiting from supply chain transparency and greater resource efficiency – such as higher rates of recycling and reduced greenhouse gas emissions.
Fully Automated:The new tax subjects companies to increased record keeping and sampling requirements. SMX’s technology will make this process automated and seamless with the ability to track and trace all products across the entire supply chain.
Digitised Certification: SMX certifies the materials, while providing plastic manufacturers and recycling companies with the ability to use technology-based auditing, thereby avoiding manual paper-based auditing processes and human errors.
Immediate Compliance: SMX’s circular sustainable solution will enable companies to comply immediately with the new legislation – via a transparent and automated reporting system for both regulation, compliance, and clients – while positioning themselves as environmentally friendly.
Significant Cost-Savings: Implementation of SMX’s solution is more cost effective than paying the PPT and will mitigate the ongoing expected expenses involved in completing these tax returns, allowing companies to lower their tax burden and their operational costs.
Benefits
- Immediate compliance with new PPT legislation
- Transparent and accurate reporting and auditing
- Avoidance of additional taxes
- Better positioning with environmental-conscious consumers