Authorities at the Ghana Revenue Authority have resolved to enforce the Excise Tax Stamp in order to increase government revenue.
Addressing the media during a tour by a Taskforce from the Ghana Revenue Authority to shops in Accra to ensure the implementation of the Tax Stamp Policy, Commissioner General of the GRA, Emmanuel Kofi Nti bemoaned the decline in Excise Tax Stamp revenue.
According the Commissioner, there has been a decline in revenue generated from the Tax Stamp over the years.
“In 2010, Excise Tax Revenue to Domestic Revenue was 3.4%, and it came down to 1.9 % as at 2017. We want the hemorrhage to stop to make sure goods sold have taxes paid on them,” Mr. Nti said.
Mr. Nti further said the Finance Ministry in collaboration with the GRA is poised to implement the Tax Policy and ensure that goods sold on the market are healthy.
The GRA Taskforce has so far visited some malls in Accra to ensure that products in there have the Tax Stamp on them.
Some of the shops visited in the malls did not have the stamp on some products, which is a clear breach of the Tax Stamp Policy.
However, the GRA has given the operators a grace period ending close of day today after which the goods will be cleared off the shops if the owners fail to obtain the stamp.
Finance Minister Ken Ofori Atta launched the Tax Stamp Policy on August 31, 2017 as part of efforts by Government to address the counterfeiting of products on the market as well as generate revenue.
The decision was however greeted with agitations from some manufacturers who threatened to withdraw their products and services from the market, if the GRA continued with the implementation of the Excise Stamp.
Reacting to the tour carried out by the GRA, Executive Secretary of the Food and Beverages Association, Samuel Aggrey pledged the Association’s commitment to ensure that members comply wit the directives.
Mr. Aggrey also appealed to the GRA to give the manufacturers and traders some time to get the Tax Stamp on their goods, noting that bottling companies have challenges with acquiring machines that will aid in exerting the stamps on their bottled products.