By Alice Mongora
BLANTYRE-(MaraviPost)-The Malawi Revenue Authority (MRA) on Tuesday September 26, 2023, signed a contract on the excise of tax stamp with Societe Industrielle et Commerciale de Produits Alimentaires (SICPA) of Lausanne, Switzerland.
The signing of the contract is an extension of excise of tax stamps on specified locally manufactured and imported excisable products in Malawi. This follows the amendment of the Customs and Excise Act (2021).
An excise tax stamp is a secure sticker or label affixed or printed directly using special ink on an excisable product.
Speaking during the signing ceremony at Msonkho House, the Authority’s Commissioner General, John Biziwick said MRA and the country in general are expected to earn various benefits from excise tax stamps.
“Tax stamps are expected to protect consumers from counterfeits that pose health risks but also facilitate and promote lawful trade by minimising smuggling,” Biziwick said.
He added that the extension of excise tax stamps will widely assist in monitoring the supply chain of specified excisable goods, detect infiltrations by illicit flows while protecting local manufacturing industries from unfair competition that come with counterfeits and smuggled products. This includes enhancement and optimisation of excise tax compliance.
SICPA is a world-renowned supplier of secure digital and paper tax stamps and digital tax stamp management system used by government authorities for nation – wide control of supply chains involved with the production, import, export and distribution of excise products. Presently, SICPA manages tax stamps in seventeen countries worldwide.
The contract between MRA and the Swiss based firm is for 10 years.
