De La Rue signs 5-year contract with Oman Tax Authority

Banknote printer De La Rue has signed a five-year contract with the Oman Tax Authority to implement a digital tax stamp solution for excisable goods.

The contract will see De La Rue and the Tax Authority implement a tax stamp scheme for tobacco products compliant with the World Health Organisation's Framework Convention for Tobacco Control (FCTC) and product marking and serialisation for other excisable goods.

The scheme will enable the Tax Authority to tighten control over the suppliers' commitment to pay the excise tax and to monitor the production and import processes of excisable goods.

De La Rue said the contract represents the latest in a series of long-term wins for its authentication division, in support of the ‘Turnaround Plan’ objectives. The contract is expected to contribute to revenue starting early in 2022-23.

Andrew Clint, managing director of the authentication arm, said: "We are honoured to have been selected by the Tax Authority in Oman to implement this FCTC compliant digital tax stamp solution which means that 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 (GRS) and brand protection solutions ensuring that we are protecting revenues and reputations for customers all around the world."