By Amin Kef (Ranger)
In a recent development, the National Revenue Authority (NRA) has issued a decisive deadline regarding the implementation of the Product Tracing System (PTS). The announcement came through a Public Notice by Order of the Commissioner General on Friday, February 23, 2024.
Effective February 1, 2024, the NRA initiated the live operation of the Product Tracking System (PTS) for all stakeholders involved in the production, importation, distribution, and retailing of excisable goods, including tobacco, wine, spirituous beverages and beer products. The NRA commends the business community for recognizing the significance of this vital reform.
Nevertheless, the NRA underscores the obligations outlined in the Excise Stamps and Other Markings Regulations 2023. According to these regulations, importers, manufacturers, and retailers of gazetted excisable products are mandated to ensure that products in their inventory are affixed with digital tax stamps no later than March 15, 2024.
Failure to comply with the stipulated regulations beyond March 15, 2024, will result in severe penalties as prescribed by law. These penalties include, but are not limited to, the seizure of goods, the sealing of factory or business premises, public disclosure of the taxpayer’s identity, and potential imprisonment.
The implementation of the Excise Tax Stamp by the Government serves multiple objectives, including the efficient collection of government revenues to support national development programs, safeguarding citizens from harmful and counterfeit goods, curbing smuggling activities, and fostering a fair business environment for compliant importers and manufacturers of excisable products.
