• April 21, 2024

Trade Body Holds Seminar on Tax Stamps

 Trade Body Holds Seminar on Tax Stamps
Photo: ITSA

The International Tax Stamp Association (ITSA) will hold a seminar on Dec. 3 examining the central role tax stamps play in securing revenues as international supply chains continue to be threatened by counterfeiters and smugglers take advantage of the Covid-19 pandemic to trade in illicit tobacco.

The trade in fake tobacco is worth between $40 billion and $50 billion annually worldwide and churns out more than 600 billion fake cigarettes, according a 2020 World Bank Report.

Properly implemented tax stamp and traceability programs can help governments protect and recoup much-needed revenues as they battle to get their public finances back on track, says ITSA.

 “The need for tax programs has increased dramatically in the global coronavirus pandemic, which has seen government revenues plummet, deficits rise, and debt levels swell to eye-watering proportions,” said Juan Carlos Yanez, chair of ITSA.

“Whether your country, state or jurisdiction currently uses a tax stamp scheme or is considering introducing such a scheme, it would be worth finding out what a modern initiative can deliver and why now is the right time to introduce or expand your current scheme.”

Webinar attendees also have the chance to discuss the importance of effective production monitoring and the need for a global information sharing focal point that facilitates the exchange of important data and best practice between countries.

More than 150 revenue agencies (national and state governments) globally use tax stamps to collect tax duties and excise payments, involving the worldwide production of some 140 billion stamps annually. As well as providing visible proof of tax payment and revenue collection, tax stamps have also taken on a key role in product authentication, anti-tampering and track and trace applications.