A high-profile trade association has responded to criticism of tax stamps in a new report on the impact of blockchain technology on excise duty payments.
The study by Deloitte highlights the potential benefits of using blockchain to digitize tax stamps and make it easier for revenue authorities to recoup excise duties on tobacco and alcohol products.
It also raises security concerns over current tax stamp use – particularly the procurement, transportation and pasting of physical tax stamps onto packaging – and claims that blockchain could increase supply chain efficiencies and traceability of products, cut costs and reduce the risk of fraud.
- JEZ DAVISON
- InfoSecurity
- Posted On




