Security Matters Limited (ASX: SMX) (Security Matters or the Company), a company focused on digitising physical objects on the blockchain to create a circular and transparent solution for the closed loop economy, is delighted to announce it has commercialised its developed platform to enable companies to comply with the 30% recycled Plastic Packaging Tax UK Legislation.
This tax followed a call for evidence by the UK Government in 2017 into using the tax system for changes to tackle single-use plastic waste and to incentivise the use of recycled material in the production of plastic packaging, received 162,000 responses. The new tax was announced in 2018, with consultations in 2019 seeking input on the initial proposals for the design of the tax. The draft primary legislation was introduced in the Finance Bill 2021 (Part 2).
- SMX can provide a physical marker that can be imbedded both in virgin and recycled content, where the marker is able to identify the evidence of 30% recycled plastic and the number of loop counts this plastic has gone through.
- Under this new tax, companies will be subjected to increased record keeping and sampling requirements, SMX’s technology will make this process automated and thus seamless. SMX can certify the materials, while providing clients with the ability to avoid human and paper auditing and use technology/automated auditing.
SMX Founder and CEO, Haggai Alon, commented:
“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.”
