Tax Stamp printers in town selling new tech to battle tax evasion
Firms selling tax stamps secured inks to will be eying business when the Tax stamp forum a global event organized by Kenya Revenue Authority (KRA) and Reconnaissance opens tomorrow.
The forum will bring together government excise and customs agencies, investigators, law enforcers, regulators, manufacturers as well as distributors and security printers.
See Also: KRA to host first tax stamp forum in Africa
Other supply chain specialists will also attend the event which will be characterized by a lively mix of speeches, panel discussions, and interviews.
It comes just two months after KRA’s move to award SICPA securities a branch in Kenya and a five-year contract for the supply of Exercisable Goods Management Systems (EGMS) was therefore declared null and void by the courts opening up business for the secured printing.
The Switzerland-based firm was awarded the contract at a cost of Sh15 billion.
This year’s two-day forum on tax stamps will review the latest developments in tax stamp systems as well as best practices in developing and enforcing tax stamp programmes.
The forum will also discuss the new tax stamp standard and the latest advancements in smartphone applications for use in verification of tax stamps and products.
In 2016, KRA introduced a smartphone application – Soma Label – as part of efforts to expand enforcement to the public and other law enforcement agencies which helped the taxman seize over 1,500,000 Products and prosecuted more than 609 offenders.
The implementation of the Tax Stamp programmes seeks to control the production and importation of excisable goods for revenue purposes.
It is specifically meant to curb illegal production, under-declaration of imports, distribution of illicit products, smuggling and counterfeiting of goods.
Globally, over 150 revenue agencies use tax stamps to collect valuable tax duties and excise payments, involving the worldwide production of some 140 billion stamps annually.
