Tax stamps secure tobacco revenues as Covid counterfeiting rages
Public finances under strain from the impact of the Covid-19 pandemic can exist boosted considerably by investing in tax postage stamp and traceability programs, co-ordinate to an international trade body.
Two new webinars organized by the International Tax Stamp Association (ITSA) examine the cardinal role tax stamps play in securing revenues as international supply chains continued to exist threatened by counterfeiters and smugglers taking reward of the pandemic to trade in illicit tobacco.
The trade-in false tobacco is worth between $forty billion (approximately Rs 2,95,974 crore) and $50 billion (approximately Rs 3,69,967 crore) annually worldwide, according to a 2022 Globe Bank study and churns out more than than 600 billion fake cigarettes.
Properly implemented tax stamp and traceability programs can assistance governments protect and recoup much-needed revenues as they battle to get their public finances back on track, says ITSA.
The start seminar, open up to NGOs, academic institutions and tax stamp producers and authorities, considered best practices for implementing a tobacco control and tax collection program, fix against the backdrop of the Earth Health Organisation's (WHO) Framework Convention on Tobacco Control (FCTC) protocol to eliminate illicit trade in tobacco products.
A key focus was on African countries who are party to the WHO FCTC Protocol to eliminate illicit trade in tobacco products merely do not yet have a tax postage or traceability system in place – they have until 2023 to implement secure track and trace on tobacco products.
The 2nd upshot (Dec 3) volition examine how greater traceability is primal to a lawful tobacco marketplace and increased levels of tax collection as the pandemic continues to rage. Information technology will also look at tax evasion calculation techniques and estimates in United mexican states and Latin-American countries as identified by Michel Jorratt, quondam director of the Chilean tax administration and currently adviser to the IADB and World Banking company.
The seminars come every bit ITSA looks to reach out to countries and regions that don't have tax postage stamp programs to share its knowledge of excise assistants and track and trace systems, likewise every bit global all-time practices. This sees the association supporting Dr Adriana Blanco, caput of FCTC Secretariat, in her telephone call anti-tobacco organizations to provide tailored assistance to parties where implementation of the FCTC is weak.
Juan Carlos Yañez, chair of ITSA, said there is an opportunity for the tax postage stamp sector to show Dr Blanco, who heads the FCTC secretariat, how information technology can contribute to efforts to drive forward the implementation of tobacco control initiatives, at a time when some parties are putting information technology to one side in lodge to focus on the pandemic.
He said, "The demand for tax programs has increased dramatically in the global Coronavirus pandemic, which has seen government revenues plummet, deficits ascent, and debt levels neat to eye-watering proportions.
"Whether your country, country, or jurisdiction currently uses a taxation stamp scheme or is because 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."
Revenue enhancement stamp and traceability programs could help governments protect and recoup much-needed revenues as they battle to get their public finances back on track.
Webinar attendees besides have the chance to discuss the importance of effective production monitoring and the need for a global data sharing focal point (GISFP) that facilitates the substitution of important data and best exercise between countries.
ITSA was founded in 2015 by several leading industry companies and stakeholders to ensure meliorate understanding of the benefits of tax postage stamp programs and to promote the highest professional person standards within the sector.
More than than 150 revenue agencies (national and land governments) globally use tax stamps to collect valuable tax duties and excise payments, involving the worldwide production of some 140 billion stamps annually. Every bit well as providing visible proof of taxation payment and revenue collection, tax stamps have also taken on a fundamental role in product authentication, anti-tampering, and rail and trace applications.
Details of the ITSA seminars can be plant here
Taxation stamps can exist an integral element of track and trace programs and all-time exercise inside the sector, effectively monitoring the location and movement of goods throughout the supply chain from manufacture to point-of-sale. A secure T&T works by assigning a unique private identity to each particular – a pack of cigarettes or a bottle of booze – during the manufacturing process.
One time assigned, the identity is stored in a secure database and updated every time at that place is a significant event, such as a change of buying or payment of revenue enhancement due, and supports authentication throughout the supply chain. This produces a comprehensive production history; it means that if the pack or bottle is establish in a place or state that is irregular, its provenance tin can be fully traced dorsum, and the responsible party is held accountable.
Source: https://packagingsouthasia.com/technology/track-and-trace/tax-stamps-secure-tobacco/
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