By Sheku Putka Kamara
The National Revenue Authority (NRA) has informed that it has set a deadline on the implementation of the Product Tracing System (PTS). In a release dated 23rd February 2023, the Authority said that on the 1st February, 2024, the Authority went live with its PTS for manufacturers, importers, distributors and retailers of excisable goods (tobacco, wine, spiritous beverage and beer products.
The Authority however said that it wished to applaud the business community for ‘seeing the value in implementing such an important reform.’
The NRA however reiterated the requirements under the Excise Stamps and Other Markings Regulations 2023 which state that importers, manufacturers and retailers of gazette excisable products holding stock of such products without a digital tax stamp are required to ensure that they are affixed with excise stamps not later than 15th March, 2024.
The NRA statement added that retailers, wholesaler’s importer, agents or manufacturers of excisable who fail to affix stamps as provided for by law on products, after 15th March 2024 shall face full penalties like seizure of goods, sealing of factory/business premises, naming and shaming of the taxpayer and or imprisonment etc.
By Order of the Commissioner General, the NRA statement further said that the introduction of the introduction of the Excise Tax Stamp by the government is geared towards efficient collection of government revenues to support national development programs; protect the citizens from harmful and counterfeit goods; deterring smuggling and creating a level playing field for complaint importers and manufacturers of excisable products.
Copyright –Published in Expo Times News on Friday, March 1st, 2024 (ExpoTimes News – Expo Media Group (expomediasl.com)