Business Associations are expected to meet today, Friday, 23 February 2018 to deliberate on whether or not to agree with the implementation of the Tax Stamp policy, effective 1st March 2018.
The announcement of the implementation of the policy by Government has been met with several concerns by businesses who are pleading with government to suspend the Tax Stamp implementation, as they have not been properly integrated into the implementation process.
Some local manufacturers, such as the Food and Beverage Association of Ghana, has threatened to withdraw their products, and close down their businesses until their concerns are addressed by the government.
Meanwhile, Government has announced that it will sanction businesses that fail to comply with the March 1st deadline for the implementation of the Tax Stamp Policy.
Deputy Finance Minister, Kwaku Kwarteng advised businesses to comply with the 1st March 2018 deadline or risk facing sanctions under the law.
Executive Secretary of the Importers and Exporters Association of Ghana, Sampson Awingobit said in an interview that a final decision will be arrived at, after the meeting today.
The Excise Tax Stamp Act, 2013 (ACT 873) was passed by Parliament in December 2013 with the aim of helping the Ghana Revenue Authority (GRA) enforce the affixing of Excise Tax Stamp on specific excisable goods before they are delivered ex-factory, cleared from any port or presented for sale at any commercial level in Ghana.