Tax stamp policy to Authenticate products – Finance Minister

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Finance Minister Ken Ofori-Atta, has said that the tax stamp policy, when rolled will to address the counterfeiting of products on the markets and improve revenue generation.

“Once the tax stamp policy has been adequately rolled out, government will lead the campaign to remind consumers that patronage of products that ought to have tax stamps but do not have tax stamps is unsafe and that consumers do so at their own risk,” he said.

Speaking at the launch of the tax stamp policy, Thursday, the finance minister explained that the implementation of the tax stamps policy was not an imposition of additional tax by government but a measure to protect genuine businesses from counterfeiters.

The stamps which will ensure that more people and businesses pay their due taxes will also provide significant guarantee that a products is authentic when seen on it.

Billed to take-off in January 2018, the policy will begin implementation with products such as Tobacco, Alcoholic and non-Alcoholic drinks, bottled water and textiles, in line with the Excise Tax Act, 2013.

Mr Ofori-Atta said when the enforcement of the tax stamp policy starts, products that are required to carry the stamps but do not do so, would be removed from the market and the appropriate sanctions imposed on offenders.

The Minister said government would continue to work closely with traders and manufacturers from now to the close of the year to finalise arrangement for the affixing of the stamps by businesses that are required to do so.

He said while the Excise Tax Stamp Act required businesses to bear the cost of the stamps, it gives freedom to government to subsidise the cost, government would from January 1, 2018 to June 30, 2018, bear the entire cost of the stamps supplied to businesses.

Also, between June and the close of the year 2018, government will still bear half the cost of the stamps, he concluded.

 

Source: otecfmghana.com

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