During his presentation of the 2012-2013 budget in the House of Assembly last week, Prime Minister Perry Christie said that in an attempt to combat smuggling and recover about $20 million in annual lost revenue, excise stamps will be placed on tobacco products.
“The proper control of tobacco imports and the collection of excise taxes due on such products is another area that is fraught with leakage. It is estimated that the widespread smuggling of tobacco products into the country costs the Public Treasury some $20 million annually in lost revenues,” said Mr. Christie.
The Ministry of Finance is in the process of finalising preparations for the introduction of excise stamps on all tobacco products, with the assistance of the Canadian Bank Note Company.
“Such stamps will attest to the payment of excise taxes, facilitate audit and compliance activities to combat smuggling and secure an important source of government revenue,” he said.
