Government launches tax stamp policy
| Updated Aug 31, 2017 at 3:25pm
Minister of Finance, Ken Ofori-Attah
The Ministry of Finance in collaboration with the Ghana Revenue Authority has launched the excise tax stamp policy as part of government's effort to address the counterfeiting of products on the market and also to improve revenue mobilisation.
In 2012, the government of Ghana awarded a contract to the US based company Authentix suppliers of product authentication solutions globally to implement and manage revenue generating excise tax program for tobacco, wine, beer, spirits, soda and bottled water.
At a ceremony to officially outdoor the stamps, the US Ambassador to Ghana Robert Jackson said each day prior to the implementation of the policy the nation lost more than GH¢500,000.00 each year in unrecoverable revenue in products alone.
The Minister of Finance who launched the excise tax stamp policy stressed that it is not going to be a new tax but a new way of administering the already existing Excise tax.