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Tax stamps for tobacco products

As of Monday, June 4, 2012

By CELESTE NIXON

Tribune Staff Reporter

cnixon@tribunemedia.net

TAX STAMPS will be placed on tobacco products in an attempt to recuperate the $20 million in revenue lost annually to smuggling, Prime Minister Perry Christie said.

During his presentation of the 2012-2013 budget in the House of Assembly last week, Mr Christie said the government intends to establish excise stamps on all tobacco products in an effort to combat smuggling and increase revenue.

He said: "The proper control of tobacco imports and the collection of excise taxes due on such products is another area that is fraught with leakage. It is estimated that the widespread smuggling of tobacco products into the country costs the Public Treasury some $20 million annually in lost revenues."

With the assistance of the Canadian Bank Note Company, Mr Christie said, the Ministry of Finance is in the process of finalising preparations for the introduction of excise stamps on all tobacco products.

"Such stamps will attest to the payment of excise taxes, facilitate audit and compliance activities to combat smuggling and secure an important source of government revenue," he said.

Comments

positiveinput 11 years, 11 months ago

The same way tobacco is said to cost the treasury milions in revenue loss thru smuggling and needs to be secured as an important source of government revenue by taxation, why is making gambling legal getting so much red tape. Whats the difference here when just like smuggling tobacco, number houses are going untaxed and the government is loosing a steady source of revenue. To add to that, I never saw a surgeon generals warning .accross the door of a number house.

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MartGM 11 years, 11 months ago

Tobacco is known to cause harm to the body, not many will dispute that. Many will dispute the ramifications gambling can cause a society. When we stop calling ourselves a "Christian society", gambling will be legalized. The churches make far too much profit off of the Bahamian public to ever willingly give up that "Christian society" name tag. Hence, we're in for a long uphill battle. I also have a sneaky suspicion that the number houses like the unregulated business. They enjoy working on the black market because no one is watching them. No one is asking them to pay anything and they're making exorbitant profits. The people don't even care that much, because the police don't have time to waste on raiding number houses. So what's the incentive to legalize again? It appears the incentive is only for the government who has bigger fish to fry.

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242352 11 years, 11 months ago

They should legalize it and put the money towards education - just like Florida does $200something billion. We already have a bussness model to follow. The chuch should focus on crime, under age pregenancy, sweethearting, and basic community needs. They also need to clean their own house.

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