The National Revenue Authority (NRA) in collaboration with the Ministry of Finance has announced that the NRA will commence attaching digital excise tax stamps to selected goods.
According to the press release dated Friday 8 September, 2023 the Authority on 1 October this year will introduced Digital Excise Tax Stamp that will target selected manufactures, importers, distributors, retailers of excisable goods tobacco, wine, spirituous beverages and beer products.
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The moves, the press release revealed is geared towards compliance with the provisions of sections 37 of the Finance Act of 2019, which provides for an excise stamp to be mandatorily affixed on all excisable goods specified by the Ministry of Finance.
The released said the process to place or affix stamps in either paper form or digital codes on excisable products or packages containing them will begin on 1 October 2023; No New Tax is being introduced in the mandatory digital excise tax stamps scheme.
‘Manufactures, importers, distributors, agents, or traders of gazette excisable product should fully dispose of any stock already held at introducing the digital Tax stamp scheme by 1 January 2024.
All stock of gazette excisable products held before this period without a digital Tax stamp should be returned to the manufacture of importer for affixing the excise stamp.
The released highlighted that NRA will apply the full force of the law to impose penalties for any noncompliance to tax obligation prescribed by law.
