By George Banda
A revenue stamp or tax stamp is an adhesive label used to collect taxes or fees on documents, tobacco, alcoholic drinks, drugs and other products.
Speaking in Blantyre during a New Tax Measures Training for Journalists from the Southern Region, MRA’s Head of Corporate Affairs Steven Kapoloma said the fiscal stamp will help to promote lawful trade by minimizing smuggling and protecting local industries that manufacture alcoholic beverages from unfair competition.
“As MRA we want to enhance tax compliance and at the same time we want to protect people from consuming unbranded and counterfeit alcoholic products that pose health risks,” said Kapoloma.
He added: “The stamps will have special security features to distinguish compliant alcoholic drinks from smuggled and counterfeit alcoholic drinks”.
According to Kapoloma, MRA is also intending to introduce the electronic stamps on other products like bottled water and that the commission will be confiscating all the products without tax stamps.
The Malawi Revenue Authority started implementing tax stamps on cigarettes manufactured, distributed and imported into the country on 1st May 2011 following the passing of the Customs and Excise amendment bill of 2008 under section 77.