Home ECONOMY Rush for Traders ahead of EGM Stamps Deadline

Rush for Traders ahead of EGM Stamps Deadline

by biasharadigest

Traders dealing in bottled water, juices and energy drinks are in a rush to clear their remaining stock as the February 29th deadline for unstamped products (EGM) approaches.

KRA’s Excisable Goods Management System(EGMS) system mandates non- alcoholic drinks, including juice, soda and water, which were manufactured or imported to Kenya into the country before 13th November 2019, be fitted with an excise duty stamp.

However, the Kenya Association of Manufacturers (KAM) is still pushing for a postponement of the deadline to 31st May 2020, so that traders be able to clear stocks manufactured or imported into the country before 13th November 2019.

“Given that there is already existing stock in their warehouses and in the supply chain, and the poor performance of the economy affecting consumer demand, the period provided by KRA is not sufficient,” The Star quotes KAM CEO, Phyllis Wakiaga.

Last month, the Water Bottlers Association of Kenya (WBAK) announced an increase in price of bottled water, also as a result of the EGM stamps.

According to the Kenya Revenue Authority (KRA), the EGMS stamps seek to enhance compliance and boost revenue collection by approximately KSh4 billion.

See Also:

Bottled Water Prices to Go Up – WBAK

Excisable Goods Management System Goes Live

Related Posts

Leave a Comment