Deputy Finance Minister, Kwaku Kwarteng says the enforcement of the Excise Tax Stamp Act, 2013 (Act 873), will aid in fighting counterfeit goods on the market.
The Finance Ministry has issued a statement indicating that from March 1st, 2018, the Tax Stamp Act will be enforced. Companies and importers of cigarettes and other tobacco products, beverages and bottled water who fail to comply with the deadline risk being sanctioned under the law.
Throwing more light on the Act during an interview on Peace FM's morning show ‘Kokrokoo’ Thursday, Kwaku Kwarteng said the Act came into being four years ago and that government is now committed to enforcing it to the latter.
According to him, from 1st March, manufacturers and importers of cigarettes and other tobacco products, beverages and water will have to affix Ghana Revenue Authority (GRA) stamps on their products before they are allowed onto the market for sale.
He has urged Ghanaians not to buy products without the stamp to avoid buying a counterfeit.
"This will help stop counterfeiting and smuggling . . . it might be that the ones you are buying have been smuggled or is a counterfeit so don’t buy . . . this stamp is basically to protect Ghanaians . . . we cannot continue begging for aids and so this will be enforced to the latter".
Speaking to how the ministry intends to fight those who will print fake stamps into the market, he said the Ghana Revenue Authority (GRA) have been equipped with machines to distinguish a fake stamp from an original.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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I do not agree with @ Kwaku Nokwafo that this will aid smuggling rather it will prevent people from making FAKE products and companies will pay the RIGHT taxes of their products. What I suspect is that the companies are resisting because it is going to EXPOSE them for not paying the RIGHT taxes on their products for SOOOOOOO long. I suggest the gov should send some National service personnel or YEA people to the production sites and put sales tax stickers on the products if the company says it it going to cost them initially. The gov should absorb the pay of these personnel for one or two years for those companies. THE COMPANIES ARE RESISTING BECAUSE OF PAYMENT AND FLUSHING OUT OF FAKE PRODUCTS. LET GOV GO AHEAD AND INSIST THAT THIS HAPPEN!
THE TAX STAMP WILL RATHER AID SMUGGLING TRUST ME. IT IS A WASTE OF TIME AND RESOURCES.
WE NEED TO SHINE OUR EYES TO BE VIGILANT ABOUT THE FAKE AND COUNTERFEIT PRODUCTS IN THE GHANAIAN MARKET. IT WILL ALSO HELP THE AGENCIES TO TRACK THE TAX INVADERS.