Kenyan Manufacturers will need more time to comply with the Kenya Revenue Authority’s (KRA) excise stamp regulation to be effected from 1st November, 2017.
KRA required manufacturers of bottled water, juices, soda, energy drinks and non alcoholic beverages to affix new excise stamps starting November. Food supplements and cosmetics were also affected by the new Electronic Goods Management System (EGMS) regulations.
READ IT HERE: KRA INTRODUCES EXCISE STAMPS ON ADDITIONAL PRODUCTS
Speaking on behalf of Kenyan Manufacturers, the CEO of the Kenya Association of Manufacturers (KAM), Phyllis Wakiaga said in an interview, “There have been regular meetings. The matters raised have been on issues such as extra administration resources needed to implement the system.
“…some already installed machinery in factories which is not compatible with the system and therefore more time is needed for compatibility.”
The EGMS scheme was launched 3 years ago, by KRA, in a bid to realize more revenues and combat illicit trade. Kenyan manufacturers lose 40% market share to illicit trade.