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SICPA Product Security LLC announced today that it is working with the Commonwealth of Kentucky on their Electronic Tobacco Tax Filing System.
«We are honored to be partnering with the Commonwealth of Kentucky on the implementation of their Electronic Tobacco Tax Filing System,» — said Alex Finkel, SICPA Product Security COO. «Our platform integrates several aspects of excise tax administration into one portal that has the flexibility to meet current and future business needs of our partners.»
«The SICPA solution augments our excise tax administration efforts,» — said Richard Dobson, Executive Director of the Office of Sales & Excise Taxes. «This new system is part of Kentucky’s strategic approach to manage business and risk while improving both service delivery and access to information technology.»
The system will provide greatly increased operational efficiencies in handling excise tax licensing, taxpayer forms, taxpayer payments, refunds and Master Settlement reconciliation reporting. Automated audit identification, workflow, and management processes and procedures will enhance Kentucky’s capabilities for detection of fraud and tax evasion helping to proof of origin and illicit product movement.
The Commonwealth of Kentucky will realize further efficiency gains through the integration of SICPA’s Direct-to-Distributor (DTD) solution. With DTD, taxpayers have a completely online capability for cigarette tax stamp order submission, review, approval and payments. SICPA’s subsidiary, Meyercord Revenue Inc., for the handling of all aspects of the physical FUSON® tax stamp such as tax stamp production, storage and fulfillment on behalf of the Commonwealth. This unique value-added offering provides streamlined services to stakeholders and provides significant efficiencies by removing the internal burden of storing and shipping stamps from Commonwealth locations. Meyercord Revenue has been providing Kentucky with its proprietary FUSON® tax stamps since 1959.
«We are thrilled to welcome the Commonwealth of Kentucky to the DTD platform family, making the Commonwealth the 10th U.S. State to opt for this service,» — Alex Finkel added. «The use of the DTD platform reduces the costs and resources needed to manage distributor stamp orders, starting immediately,» — he concluded.
SICPA is a trusted global provider of security inks as well as secured identification, traceability and authentication solutions. With high-technology security inks at the core of its expertise, the company protects the majority of the world’s banknotes, security and value documents, and a wide range of consumer and industrial products. It offers solutions and services to governments and industry, ensuring product authentication, traceability and protection as well as tax reconciliation. www.sicpa.com