The Kenyan retail market is flooded with fake excise stamps, a section of manufacturers have said, fueling growth of illicit trade mainly on excisable goods. This even as Swiss company–SICPA mints billions from its Kenyan contract on the Excisable Goods Management System (“EGMS”). A rise in fake stamps (imported) has been reported mainly in alcoholic beverages, non-alcoholic drinks including juices, water and cigarettes, with illicit trade denying the taxman billions in potential revenue. The main driver of illicit trade is the need for quick money which unscrupulous traders ride on, by circumventing procedures needed for product development. KRA has remain mum over the fake stamps and the EMGS contract, noting there is a pending court case.

Source: The Star August 03, 2021 00:56 UTC