The International Tax Stamp Association (ITSA) organises a webinar on 3 December examing the central role tax stamps play in securing revenues as international supply chains continued to be threatened by counterfeiters and smugglers taking advantage of the pandemic to trade in illicit tobacco.

The trade in fake tobacco is worth between USD 40 billion and 50 billion annually worldwide, according to a 2020 World Bank report and churns out more than 600 billion fake cigarettes., ITSA said. “Properly implemented tax stamp and traceability programmes can help governments protect and recoup much-needed revenues as they battle to get their public finances back on track,” said ITSA’s press release.

The event will examine how greater traceability is key to a lawful tobacco market and increased levels of tax collection as the pandemic continues to rage. It will also look at tax evasion calculation techniques and estimates in Mexico and Latin-American countries as identified by Michel Jorratt, former director of the Chilean tax administration and currently adviser to the IADB and World Bank.

The seminar comes as ITSA looks to reach out to countries and regions who don’t have tax stamp programmes to share its knowledge of excise administration and track and trace systems, as well as global best practices.

Juan Carlos Yañez, chair of ITSA, said: “The need for tax programmes has increased dramatically in the global coronavirus pandemic, which has seen government revenues plummet, deficits rise, and debt levels swell to eye-watering proportions. Whether your country, state or jurisdiction currently uses a tax stamp scheme or is considering introducing such a scheme, it would be worth finding out what a modern initiative can deliver and why now is the right time to introduce or expand your current scheme.”

Webinar attendees also have the chance to discuss the importance of effective production monitoring and the need for a Global Information Sharing Focal Point (GISFP) that facilitates the exchange of important data and best practice between countries.