The Ministry of Finance, in partnership with the National Revenue Authority (NRA), has officially announced the implementation of mandatory Digital Excise Tax Stamps for excisable goods, which include tobacco, wine, spirituous beverages, and beer products.
This initiative is in accordance with Section 37 of the Finance Act 2019, which mandates the affixing of excise stamps on specified excisable goods.
Starting from October 1, 2023, manufacturers, importers, distributors, retailers, and all involved in the excisable goods industry will be required to affix digital excise tax stamps on their products or packaging. It’s important to note that no new tax is being introduced through this scheme.
All manufacturers, importers, distributors, agents, and traders dealing with gazetted excisable products must ensure that their existing stock is compliant with the Digital Tax Stamp Scheme by January 1, 2024. Any stock of gazetted excisable products held without a Digital Tax Stamp after this date must be returned to the manufacturer or importer for proper stamping.
The National Revenue Authority is committed to enforcing tax obligations as prescribed by law and will impose penalties for non-compliance. Manufacturers and businesses are urged to adhere to these new regulations to avoid legal consequences.
