New report showcases opportunity and growth for tax stamps
New investment in track and trace systems, rising excise taxes, and wider commercial applications will drive taxation postage growth in the next 5 years, according to a new study published by Reconnaissance International.
The tertiary edition of the 'Tax stamps and traceability: a marketplace analysis and technical update' identifies cannabis and vaping products as new markets for revenue enhancement stamps to tap into, at a time when the connected trade in illicit tobacco and alcohol sees revenue agencies using the devices as effective weapons in the fight against counterfeiters and criminals.
The report likewise points to the fact that past 2023, tobacco products and their explanation in at least 60 countries will need to accept rail and trace systems in place to comply with the WHO FCTC Protocol to eliminate illicit trade in tobacco products. This could open additional tax stamp markets and more than commercial opportunities for an established production.
More than than 120 billion tax stamps are used annually , the report says, to secure tobacco and liquor excise revenues or as function of product authentication and secure tax and trace programs. All the same, it adds that while the number of countries adopting taxation stamps continues to rise, the market for cigarettes and spirits is falling in the face of declining global tobacco consumption and a marginal increment in the sale of spirits.
Coming against the backdrop of WHO's framework designed to curb the illicit trade in tobacco products, the report is the only 1 of its kind to cover the global alcohol and tobacco taxation postage stamp market place and considers both the current and time to come tax stamp and traceability environment in specific countries and regions.
Cannabis and fuel mark, among other products, are identified as emerging markets for tax stamps and revenue enhancement marks, where they tin can exist used effectively to protect against the threat of counterfeiting and secure taxes lost to criminals and other nefarious action.
The question of why newspaper-based taxation stamps, equally opposed to digital alternatives, continue to provide the best protection against acts of non-compliance and illicit trade is considered equally part of a department looking at the current landscape, the development of tax stamp programs, and what's compelling some countries to extend take-upwards while others will not consider using them.
Further sections examine the practical steps involved in creating taxation stamp and traceability programs and feature a quantitative analysis of current and time to come volumes based on consumption data obtained from GlobalData. Information on the different types of tax stamps and systems being deployed across the world with an assessment of their impact and effectiveness are as well included.
'Tax stamps and traceability: a marketplace analysis and technical update' looks to the future with insight and stance on questions around the viability of paper-based revenue enhancement stamps and the bear on of the WHO FCTC Protocol on tobacco track and trace systems which apply revenue enhancement stamps. It also asks what the common characteristics of these systems are that successfully increase taxation revenues and reduce illicit trade.
Nicola Sudan of Reconnaissance International is the study's editor. She said, "This is an important strategic study, offering insight, analysis and to those with a vested interest in taxation stamps, the knowledge needed to progress with their plans in this burgeoning sector.
"Tax stamps offer a cost-effective way to secure excise acquirement, while the authentication benefits provided cannot exist overstated. It is why they volition proceed to be highly regarded and used past acquirement authorities around the world well into the hereafter.
"So whether your country, country or jurisdiction currently uses a tax postage scheme, or is considering investing in such a scheme, it would exist beneficial to find out what a modern program can evangelize and why now is the right time to innovate them or aggrandize your current scheme. This study will aid in making the right decisions and choices."
Full details of how to purchase the report – which volition be available in electronic and printed class – are available hither
Reconnaissance International is a global source of technical and concern intelligence for secure documents, personal identification, make protection, pharmaceutical anti-counterfeiting, holography, and currency. It produces several business organisation-to-business organization newsletters, organizes conferences and trade shows, publishes directories, industry studies, and guidebooks, undertakes consulting projects, and provides secretariat services to the International Tax Stamp Clan.
Source: https://packagingsouthasia.com/technology/track-and-trace/new-report/
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