Businesses who fail to comply with the implementation of the Excise Tax Stamp by 1st March, 2017, will have their goods seized and subsequently dealt with by the law.
This is the indication from a Deputy Finance Minister, Kweku Kwarteng.
He argues that government can no longer hold back the implementation of the Excise Tax Stamp Policy due to setbacks from affected businesses as the country risks losing revenue due to under declaration.
The Food and Beverage Manufacturers’ Association have threatened to shut down their businesses if government fails to review the current form of implementing the tax stamp.
But speaking to Citi Business News on the matter, Mr. Kweku Kwarteng said government will not withdraw the decision to implement the policy.
“If your products are found on the market and they are not stamped, they will be seen as unlawful products, they will be seized and the manufacturers and importers will be investigated and sanctioned.”
Mr Kwarteng however commended businesses that have so far complied with the policy ahead of its implementation
“I’m glad to say that some tobacco and other products on the market have already got the stamps ahead of the implementation date, we are grateful to them for complying with the law.”
He further stressed that government will not relent in its decision to implement the policy.
“There are some who are still hoping that they can protest and do all kinds of things so that government will abandon this as happened in the past. We will not abandon this policy, our determination to carry through a law that has been passed by parliament is total and we will implement the law to benefit revenue mobilization in the country”.
Goods expected to be affected by the excise tax stamp include cigarettes and other tobacco products, bottled or canned alcoholic beverages and nonalcoholic carbonated beverages as well as bottled water.
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By: Anita Arthur/citibusinessnews.com/Ghana