Stamp tax slapped on cigarettes to curb smuggling

THE government is imposing a new stamp tax system on cigarettes effective October 1 as part of efforts to curb smuggling and improve revenue collection from this commodity sector.

In a statement on Monday, the Department of Finance said the issuance of the Revenue Memorandum Circular 72-2014 is central to the government’s anti-smuggling strategy because the stamps will serve as effective tracking and audit measures ensuring due excise taxes have been paid for each product.