Speaking at the World Customs Organization IT Conference and Exhibition in Dakar, Senegal, the International Tax Stamp Association’s (ITSA)’s Christine Macqueen described how tax stamps offer a highly secure, standardized, and cost-effective solution to combat the illicit trade in tobacco and other goods.
The conference held on June 1-3 provided a platform for bringing together key partners from customs administrations, relevant agencies and ministries, regional economic communities, private sector, international organizations, development partners, and academia.
“The event comes as a timely reminder that authorities must ramp-up their investment in added value security solutions if counterfeiting and the trade in illicit goods across the EU, Asia, and in North America, among other global hotspots, is to be checked, let alone stopped,” said Macqueen.
Over 250 revenue agencies (national and state governments) globally use tax stamps to collect valuable tax duties and excise payments, involving the worldwide production of some 140 billion stamps annually.
As well as providing visible proof of tax payment and revenue collection, tax stamps have also taken on product authentication and anti-tampering applications.