· 6 min read
2020 – A Tumultuous Year in Review
Nicola Sudan
· Editor
In the tax stamp world, the year started off normally enough, though, with the usual opportunities and challenges that we are mostly familiar with.
We heard from the International Tax Stamp Association (ITSA) and other industry experts declaring that ‘the start of the new decade heralds an opportunity to capitalise on emerging technology applications that can link stamps to digital traceability systems,’ and ‘the potential for tax stamp growth has risen in line with greater government scepticism about the tobacco industry being able to effectively control its own supply chain, which could increase the number of agencies seeking to introduce secure marking and traceability solutions’.
Furthermore, ITSA advised that countries that were party to the WHO FCTC Protocol to Eliminate Illicit Trade in Tobacco Products were coming under increasing pressure to fulfil their Protocol obligations, including the implementation, by 2023, of a secure track and trace system – something that most countries were yet to implement and that therefore provided scope for the further growth of tax stamps.
Subscriber content
Read the full article
Full access to Tax Stamp & Authentication News™ articles, newsletters and archives.