Growing global recognition of the critical role of tobacco excise tax stamps has prompted the sector to come together with the formation of a new trade association.
The newly established International Tax Stamp Association (ITSA) has been founded by a number of leading industry companies and stakeholders* to ensure the better understanding of the benefits of tax stamp technology and to promote the highest professional standards within the sector.
Over 250 revenue agencies (national and state governments) around the world 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.
Against this background, the new organization will promote the benefits of tax stamps for excise duty collection, educate customs and revenue agencies on how they can better secure excise revenues (mainly from tobacco and alcohol products), and share best practice among those involved in the industry.
More specifically, by providing a collective voice for those involved in the design, manufacture, and use of tax stamps, ITSA will also seek to engage and actively contribute to the drafting process associated with the proposed ISO19998 standard.
The new standard is currently under development with the aim of improving the overall quality of tax stamps. This includes such factors as establishing the type of security characteristics required, clarifying the primary functions of tax stamps, and improving their effectiveness as a tax collection and criminal-fighting tool.
Membership of ITSA is open to legally incorporated companies and businesses that supply tax stamp components and features, as well as finished tax stamps, equipment for stamp design, manufacture, application and authentication, and systems for coding and marking stamps.
* The 10 founder companies, global leaders in document and product authentication and traceability, are: Advanced Track and Trace, Ashton Potter Security Printers, Chanwanich Security Printing, Holoflex, Holostik India, Manipal Technologies, OpSec Security, SICPA, Surys (formerly Hologram Industries), Thomas Greg & Sons de Colombia