A writing instrument has a barrel, a flag dispenser partially inserted into the barrel, and a rotating or sliding cover that engages with and covers the flag dispenser. In different positions, the rotating or sliding cover enables various functions of the flag dispenser. For example, the cover may be moved into a position to enable withdrawal of tape flags by a user. The cover may also be configured to move into a position that covers and protects the tape flags. In refillable embodiments of the writing instrument, the cover may also be configured to move into a position that allows a user to replace or replenish the tape flags.