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Business & Finance | Feb 21, 2018

Manufacturers Fight Tax Stamp Policy

CitifmOnline
Manufacturers Fight Tax Stamp Policy

Businesses in the Food and Beverage industry, have renewed appeals for government to suspend the implementation of the excise tax stamp policy.

According to them, they have not been properly integrated into the implementation processes hence the need to address their concerns before the implementation of the policy.

“Our engagements with government to reconsider its position if it comes to the tax stamp, have all yielded no results but rather the government wants to go in tandem. So we ask ourselves are we ready to really affix the tax stamps? If not, then what are we going to do on the first of March?” Executive Secretary of the Food and Beverages Association of Ghana, Samuel Aggrey queried.

The excise tax stamp is scheduled to take effect on 1st March, 2018; barring any last minute change.

At a press conference to voice out their displeasure, Mr. Aggrey further said the beverage industries are ready to withdraw their services and close down their businesses until their concerns are addressed.

“If GRA or government insists that those who have not affixed the stamps on their products should withdraw them from the market, industries are ready to do that. But if we want to be smart enough, then we will ask the implementers to withdraw and as a matter of urgency suspend this tax stamp implementation,” he declared.

Although the business associations stated clearly they are not against the tax stamp policy, the argued that the method being introduced will only end up adding undue cost to their operations which will eventually makes production completely counterproductive.

About the Excise Tax Stamp
The Excise Tax Stamp Act 2003 (Act 873) was passed by the parliament of Republic of Ghana in December 2013, ostensibly to enable the Ghana Revenue Authority (GRA) enforce the affixing of Excise Tax Stamp on specified excisable goods before they are delivered and cleared from the ports for sale.

The tax stamp received presidential assent in January 2014.

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