BASINGSTOKE, UK: De La Rue, the world’s premier security solutions provider, has announced that it has signed a five year contract with the General Authority of Zakat and Tax (GAZT) in The Kingdom of Saudi Arabia to implement and operate a digital tax stamp solution for all tobacco products and soft drinks sold in the Kingdom.[the_ad id=”31605″]The award reflects continued progress in De La Rue’s strategy to transform the Group into a less capital intensive, more technology led business. With this contract, the previously announced contracts in the UAE, the UK and Europe, together with the ongoing existing business, De La Rue expects to double its Product Authentication and Traceability business within the next three years.
Under the agreement, De La Rue will implement its DLR Certify™ digital system to track and trace excisable products, starting with cigarettes. This solution will ensure that the country has a robust excise tax scheme in place and is tackling illicit trade directly.
In parallel, it ensures that The Kingdom of Saudi Arabia complies with the World Health Organisation’s Framework Convention for Tobacco Control.
The system will be delivered in May 2019 with marked cigarette products arriving in the Kingdom from August 2019 onwards; other tobacco products and soft drinks will follow on through to early 2020.
Commenting on the award, Martin Sutherland, Chief Executive Officer of De La Rue, said: “We are honoured and delighted to have been chosen by GAZT to provide this track and trace service and to partner with them on this important initiative. In the past few years, we have been investing heavily in our authentication and traceability capability and product offerings. This award is both an endorsement of our capability and an excellent reference for De La Rue.”