Business News of Wednesday, 7 November 2018
Accra Brewery Limited (ABL) and Kasapreko Company Limited risk losing their operational licenses after it emerged that the companies were fixing tax stamps illegally on their products.
For ABL, they were transferring tax stamps meant for its current production to its warehouses.
By this, the company was requesting for more tax stamps and affixing them on goods already produced and stored in their warehouses.
The revelation was made yesterday 6th November 2018 when the Ghana Revenue Authority (GRA) embarked on a compliance and enforcement exercise in Accra.
The Tax Stamp Policy was introduced by government to check smuggled goods and also rake in the needed revenue for the state.
According to the GRA, warehouse operators are enjoined by the Excise Tax Stamp Act to apply to the GRA for tax stamps to fix on old stock.
This however was not the case with ABL during the enforcement and compliance exercise.