This archive report was first published on 18 December 2019.
As Kenya's manufacturing sector continues to face challenges, the introduction of digital tax stamps on non-alcoholic beverages has brought a glimmer of hope. The digitisation, governed by the Excise Duty Act 2015 and EGMS Regulations 2017, is expected to deal a significant blow to illicit traders and ensure a level playing field for manufacturers.
Published on December 18, 2019, the article highlights the benefits of digital tax stamps, including the elimination of fake goods, improved quality and safety of products, and increased sales and profit margins for manufacturers.
According to the article, the digital tax stamps will make it easier to monitor and track illicit goods, creating more job openings and turning Kenya from a 'walking nation' to a working one. Additionally, the stamps will enable consumers to distinguish between genuine and fake products, promoting local brands and the 'Buy Kenya, Build Kenya' campaign.
The article also notes that digital tax stamps will provide manufacturers with access to loans, enabling them to meet their financial obligations and achieve their expansion strategy. Furthermore, by complying with measures like digital tax stamps, manufacturers can lead the way in fighting corruption and bringing about positive change in the country.
As a senior auditor at Khalid & Co, Maurice Nyagwoka, a certified public accountant (CPA), highlights the importance of manufacturers giving their unwavering support for digitisation measures and other sectors of the economy following in their steps for a better Kenya.
