The Guyana Revenue Authority (GRA) is in the process of reviewing how it taxes alcoholic beverages.The revenue collection body also announced tougher measures to reduce theGRA has announced a major review in tax system used to assess alcohol and tobacco products.smuggling of not only liquor but of tobacco products.According to the body, the appraisal of the Excise Tax on alcoholic beverages is being done with the aim of streamlining the regime in accordance with regional and international best practices.“The Ministry of Finance has approved the Revenue Authority’s proposal for the review which would include among other things, changes to the application of the tax from Ad Valorem (a tax based on a fixed percentage of the product value) to Specific (a tax calculated based on alcoholic strength).”GRA said that assessments show that several other sister Caribbean Community (CARICOM) states are collecting Excise Tax based on the Specific Tax, and it is the GRA’s view that same should be adapted by the local administration.It is unclear what impact this would have on the price of liquor as consultations with stakeholders have to be held.“The GRA plans to meet with local manufacturers and importers to discuss the impending changes and most importantly, the implications of the reform process on those who will inevitably be subject to the tax,Cheap NFL Jerseys China,” the statement assured.Meanwhile, as efforts continue to curtail smuggling and establish greater control of the flow of imported tobacco, spirits and beer imports, plans are in the making to introduce high-security Excise Stamps,http://www.airmaxfantasy.us.com/Balenciaga-Speed-Trainer/, GRA disclosed.The agency currently partners a foreign company to facilitate what it said is the timely and successful introduction of the stamps, and the accompanying legislation, software and other support initiatives that will be required.It will mean that imported alcohol and tobacco products will be stamped by examining officers.“The stamps will target mainly tobacco and spirits, making the job of inspection by enforcement and customs officers much easier,NFL Jerseys Outlet, and address concerns about public health and counterfeit products,Authentic NFL Jerseys Cheap,” GRA said.There is reportedly a huge illegal trade involving alcohol like vodkas and whiskeys as well as popular brands of cigarettes.Excise Tax is an indirect tax levied on alcoholic beverages, motor vehicles,Cheap NHL Jerseys China, tobacco products and petroleum products produced or sold, domestic and foreign, within Guyana.GRA noted that as a result of a recent Caribbean Court of Justice (CCJ) ruling on the now repealed Environmental Tax, a policy decision has already been taken to replace the said tax with a more comprehensive tax addressing the issue of non-biodegradable packaging for all food items, produced locally and imported.