Samuel Aggrey, Executive Secretary, Food and Beverage Association, addressing the media. With him are Sampson Awingobite Asaki (left), Executive Secretary, Importers and Exporters Association, and Dr Joseph Obeng, President, Ghana Union of Traders Association
Government’s decision to implement the Tax Stamp Policy has been vehemently opposed by the business community.
The Coalition of Key Business Associations of Ghana expressed its dissatisfaction with the move at a recent press conference in Accra.
“Government is making unintended efforts to disrupt and stifle businesses with the implementation of the Tax Stamp Policy.”
Minister of Finance, Ken Ofori-Atta, it would be recalled, launched the tax stamp policy in September 2017 as part of government’s effort to address the counterfeiting of products on the markets and improve revenue generation.
The Ghana Revenue Authority (GRA) in January this year served notice that it would prosecute all businesses who fail to cooperate in the implementation of the excise tax stamp policy.
But the business community has indicated that the move would only stifle their growth.
Addressing the media yesterday, Samuel Aggrey, Executive Secretary, Food and Beverage Association of Ghana, stated that they were not against the Tax Stamp Policy.
“But the methods and processes by which it is being currently introduced would bring untold hardship, undue cost which makes it completely counterproductive.”
The association indicated that “the Excise Tax Stamp and the way it is being pushed affects manufacturers of alcoholic beverages, non-alcoholic beverages and bottled water; importers of excisable commodities.”
“It should be put on record that this project has suffered implementation hiccups in the past not for want of education or the lack of publicity but bad policy direction.
“The 2nd March, 2015 and the 2016 start points were all missed because project implementers had always adopted a “take it or leave it” stance,” it added.
The association argued that “there has not been any regulatory impact assessment carried out to ascertain the estimated extent of revenue loss emanating from the so called non-duty paid products in the market in contrast to the expenditure required to operationalize the Excise Tax Stamp Act and the expected duty that will be collected as said by government.”
The Excise Tax Stamp Act, 2013 (Act 873) was passed by the Parliament of Republic of Ghana in December of 2013 to ostensibly enable the Ghana Revenue Authority (GRA) to enforce the affixing of Excise Tax Stamp on specified excisable goods before they are delivered ex-factory, cleared from any port or presented for sale at any commercial level in Ghana.
By Melvin Tarlue