3rd Feb 2022 10:34
(Alliance News) - De La Rue PLC said on Thursday it has won a five-year authentication contract in Oman, to help increase tax revenue on excisable goods coming into the country.
The security printed products maker will implement a digital tax stamp solution for excisable goods for the Oman Tax Authority. The five-year contract will implement a tax stamp scheme for tobacco products in line with the World Health Organisation's Framework Convention for Tobacco Control, as well as product marking and serialisation for other goods which incur excise duty, enabling digital tracking systems.
The scheme will generate more tax revenue for Oman, and enable tighter control and monitoring of excisable goods. No financial details of the deal were given, but DLR expects the contract to start contributing to revenue in early financial 2023.
Andrew Clint, De La Rue Authentication's managing director, said: "All of the GCC countries that are implementing tax stamp solutions have selected De La Rue as their partner. De La Rue now secures more than 14 billion products annually across our Government Revenue Solutions and brand protection solutions ensuring that we are protecting revenues and reputations for customers all around the world."
Shares in the Basingstoke, England-based company were down 1.4% at 123.80 pence each in London on Thursday morning.
By Elizabeth Winter; [email protected]
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