Freetown, 22nd January 2024 – In a significant development, the National Revenue Authority (NRA) has announced the imminent launch of the Mandatory Digital Excise Tax Stamps Program on 1st February, 2024.
The program, introduced in October 2023, is set to impact Manufacturers, Importers, Distributors, and Retailers of excisable goods, including tobacco, wine, spiritous beverages, and beer products.
According to the NRA, the introduction of the Excise Tax Stamp Program aligns with the government’s policy to enhance the efficient collection of revenues, support national development programs, protect citizens from harmful and counterfeit goods, deter smuggling, and establish a level playing field for compliant importers and manufacturers of excisable products.
To facilitate registration and compliance with the use of excise stamps, the Government has pledged to cover the procurement costs for the first three months (90 days) after the system goes live. However, after this initial period, importers and manufacturers will be required to pay the published fees for the excise stamps.
Importers of excisable products will be involved in the customs process, affixing stamps either during production at the foreign manufacturer’s facility or before goods are released by customs for sale to the public. Warehousing procedures will entail standard customs clearance, with goods inspected to ensure suitable facilities for affixing the stamps.
The government emphasizes its commitment to providing training and technical support for taxpayers on the new system.
Importers and manufacturers of excisable products are urged to register for the system and apply for stamps through the product tracing systems (PTS). The program aims to streamline processes, foster compliance, and contribute to national economic stability.
