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Business News of Thursday, 1 March 2018

Source: Class FM

Tax Stamp: No cause for alarm - Magnus Nunoo

President of the Ghana Bottled Water Producers Association, Magnus Nunoo, has urged all members to remain calm despite the introduction of the excise tax stamp policy.

The tax stamp introduced by the Ministry of Finance is aimed at encouraging tax compliance while protecting consumers against harmful and unwholesome products.

It requires manufacturers to affix stamps on all excisable products. The stamps are either manually attached after the production process or electronically generated during the production chain.

The implementation of the new policy started on Thursday, 1 March 2018.

However, some businesses have expressed worry about a possible rise in the prices of such excisable goods due to the policy.

Speaking on the initiative in an interview with Chief Jerry Forson, host of Ghana Yensom show on Accra100.5FM on Thursday, Mr Nunoo said: “I have been part of the discussion on policy and we are in constant talk on how best we can roll it out.”

“No member of the association should engage in any illegality. If you have any concern, channel it to the leadership of the association. There is no cause of alarm.”

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