Government says to spend over $50m to implement Tax Stamp Policy
The amount is for a period of five years, with $11.79 million will being spent per year.
Mr Kwaku Kwarteng, the Deputy Minister of Finance, was speaking at the Tax Stamp Sensitisation Workshop, as part of the Government’s strategy to familiarise the media with the policy and its implementation, in Accra.
He said the previous government had paid part of the amount and the new Government had also paid some considerable amount to the Company manufacturing the stamps.
Tax stamps are small stickers with security features, supplied by government to some manufacturers and importers and to be affixed to their products before they are released onto the market.
These stamps, once they are seen on a product, provide significant guarantee that the products are authentic.
In line with the Excise Tax Act, 2013, the Government would begin the implementation with Tobacco, Alcoholic and non-Alcoholic drinks, bottled water and textiles when the policy takes-off in January 2018.
He said the policy was part of Government’s effort to address the counterfeiting of products on the markets and to improve revenue generation.
He said the Government needed to improve on revenue mobilisation by expanding the tax net to include more people to enhance the development of the economy.
“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 explained.
Mr Akwasi Yankyera, the Chairman for the Implementation Committee, said with the new policy, the Government would record 20 per cent increase in revenue compared to what was collected previously.
He said after consultation, a recommendation was made for the sharing of the cost of the stamps, particularly, at the inception of the programme to engender stakeholders to buy in as well as reduce the potential burden on both the affected taxpayer and the Ghana Revenue Authority.
He said the GRA had taken steps to meet the requirement of this provision in the Act, by establishing modern and efficient affixing facility at the port of Tema and the Aflao entry point.
“Affixing facilities are also being set up Takoradi, Elubo, Akanu and Kpoglo,” he added.
He said all products in the affected categories found without the excise tax stamp affixed on them beyond the transition period or had affixed on them fake, counterfeited or altered stamps shall be seized as prescribed.