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Business News of Monday, 10 September 2018

Source: Class FM

Tax stamps: GRA starts surprise inspection

The Ghana Revenue Authority (GRA) has announced that its enforcement taskforce will soon begin unannounced inspection visits to enforce compliance to the tax stamp policy.

This was contained in a release by the GRA cautioning importers, manufacturers, wholesalers, retailers and the general public to ensure compliance to avoid having their products seized.

The tax stamp policy requires that Excise Tax Stamp are affixed to specified excisable goods which are manufactured in the country; imported into the country; or prescribed by the Minister.

Some of the goods include cigarettes and other tobacco products; alcoholic and non-alcoholic beverages – whether bottled, canned, contained in kegs for sale or packaged in any other form – bottled water and any other excisable products.

“GRA wishes to bring to the attention of importers, manufacturers, wholesalers, retailers, and the general public that the enforcement taskforce teams will soon conduct unannounced inspection visits to enforce compliance. Products without the tax stamp will be detained and seized and applicable sanctions imposed,” the statement said.

Meanwhile, the Food and Beverage Association of Ghana has threatened to withdraw all locally manufactured products from the market if the government continues with the implementation.