Talks are still underway with the various business bodies and government to reach an agreement on whether or not the excise tax stamp introduced by the Ghana Revenue Authority will be scrapped.
This is according to the Programmes Manager at GRA, Kwabena Appau.
“We have an implementation committee comprising GRA as well as the stakeholders, importers and manufacturers to regularly address this issue.” he said.
The excise tax stamp which was passed by parliament in March this year has received a lot of backlash from business associates as they argue that it has increased the cost of doing business.
Information gathered by Citi Business News indicates that some business organizations are also seeking to submit a proposal to Parliament to get the policy scrapped.
Speaking to Citi Business News, Mr. Appau stated that his outfit is still engaging the businesses to reach an amicable agreement soon.
“The program has not been suspended. Hopefully next year we will move to industry by industry to have an agreement with all these business associations,” he assured.
He maintained that the engagement will provide an opportunity for the authority to explain the issues to the association.
Mr. Appau was hopeful the associations will appreciate the importance of the tax after the engagements.
“From my end, we believe that it will enhance compliance and more. The companies themselves are going to benefit from it because it will protect their plans. That is what we think. We don’t know what decision parliament will take but from my end I think it is a good introduction.” he stressed.
The Excise Tax Stamp
Parliament early this year passed a Bill to introduce the fixing of tax stamps on excisable products imported or manufactured for consumption in Ghana.
A tax stamp is attached to certain products or documents and paid to government to indicate that a required tax has been paid.
Parliament in 2013 increased the tax stamp which was meant to increase government revenue and to curb importation and smuggling of cheaper goods that unfairly compete with indigenous industries.
By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana