Since the implementation of Excise Stamps on imported alcoholic beverages and tobacco products in November 2017 to reduce smuggling, the Guyana Revenue Authority (GRA) is seeing success.
According to a review by the revenue agency, the customs value of imported alcoholic beverages (except beer and stout) from March to September 2018 shows an increase of 43% from the related period in 2017.
GRA said that this has resulted in an increase of 22% in Excise Tax collected, indicating that the measure is having success in curbing poor taxpayer behaviour.
Further, the authority reminded that while fostering voluntary compliance remains a critical goal of the Guyana Revenue Authority (GRA), enhanced enforcement activities will continue to be emphasized. It noted that the introduction of the stamps was just one of the ways it has been able to successfully impede smuggling efforts.
In the absence of the stamps, the Guyana Standard understands that GRA was losing approximately $2B in taxes annually.