{"id":467892,"date":"2018-02-27T02:21:41","date_gmt":"2018-02-27T02:21:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/27\/businesses-threaten-shutdown-over-hasty-excise-tax-stamp\/"},"modified":"2018-02-27T02:21:41","modified_gmt":"2018-02-27T02:21:41","slug":"businesses-threaten-shutdown-over-hasty-excise-tax-stamp","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/27\/businesses-threaten-shutdown-over-hasty-excise-tax-stamp\/","title":{"rendered":"Businesses threaten shutdown over \u2018hasty\u2019 excise tax stamp"},"content":{"rendered":"<p><\/p>\n<div id=\"medsection1\">\n<!-- End of html generated by this->header() --><\/p>\n<p class=\"floatLeft\">Business News of Tuesday, 27 February 2018<\/p>\n<p class=\"floatRight\"><strong>Source: <\/strong>Myjoyonline.com <\/p>\n<p>2018-02-27<\/p>\n<div class=\"article-left\">\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2018\/02\/82730448.295.jpg\" alt=\"Kwaku Kwarteng1\" title=\"Kwaku Kwarteng1\" width=\"295\" height=\"177\" \/><span class=\"image_caption\"><span>Deputy Finance Minister, Kwaku Kwarteng says government will implement the tax stamp<\/span><\/span><\/p>\n<div class=\"noPrint\">\n<div id=\"537626303\" style=\"width:300;height:250;margin:0;padding:0\">\n<p>\t\t  <noscript><iframe loading=\"lazy\" id=\"b2ad7fa7fd\" name=\"b2ad7fa7fd\" src=\"http:\/\/ghanaweb-d.openx.net\/w\/1.0\/afr?auid=537626303&amp;cb=151125813973067\" frameborder=\"0\" scrolling=\"no\" width=\"300\" height=\"250\"><a href=\"\/\/ghanaweb-d.openx.net\/w\/1.0\/rc?cs=b2ad7fa7fd&amp;cb=151125813973067\"><\/p>\n<p>\t\t  <img decoding=\"async\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2018\/02\/1519698101_43_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> There is a growing opposition to the government\u2019s excise tax stamp due to be rolled out on March 1, which local manufacturers have labelled a hasty exercise.<\/p>\n<p>Some business owners have threatened to shut down their plants if the government does not heed their calls to reconsider the implementation of the tax stamp.<\/p>\n<p>Starting Thursday, all manufacturers and importers of excisable products are expected to fix hologram stamps on their products before they are sold to consumers.<\/p>\n<p>Products to be stamped include, cigarette, alcoholic and non-alcoholic products produced locally or imported. There are two stamps &#8211; orange and violet &#8211; for domestic and imported products respectively.<\/p>\n<p>The excise tax stamp is one of the measures detailed in the Excise Tax Stamp Act 2003 (Act 873) to ensure tax compliance and an improved revenue collection.<\/p>\n<p>As part of the arrangement, the government will provide the manufacturers with the stamps while they are required to purchase a machine to carry out the activity.<\/p>\n<p>The cost of the machine is estimated at $30,000 to $50,000, a development the manufacturers have described as worrying.<\/p>\n<p>Speaking to Joy News Monday, Blow Group of Companies Chairman, Manoj Lakhiani said local manufacturers are not ready for the implementation of the policy.<\/p>\n<p>\u201cHow are we going to survive? Do we have a chance?\u201d he asked in an interview with Joy News\u2019 Elton Brobbey, adding &#8220;we will shut down the plants.&#8221;<\/p>\n<p>Mr Lakhiani would want the excise tax stamp to be rolled out on a pilot basis, starting with imported products.<\/p>\n<p>But Deputy Finance Minister, Kwaku Kwarteng said the government will not waver in its resolve to implement the tax stamp on the scheduled date.<\/p>\n<p>\u201cWe are determined to deploy this tax stamp [and] those manufacturers who continue to hesitate the government will take immediate steps to ensure compliance,\u201d he said.<\/p>\n<p>He has charged business owners to do what is required of them, adding when the policy starts \u201cthere won\u2019t be easing of pressure.\u201d<\/p>\n<p><!-- uploaded by: 49 updated by: -1 --><\/p>\n<p><!-- Start of html generated by this->footer() -->\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Business News of Tuesday, 27 February 2018 Source: Myjoyonline.com 2018-02-27 Deputy Finance Minister, Kwaku Kwarteng says government will implement the tax stamp There is a growing opposition to the government\u2019s excise tax stamp due to be rolled out on March 1, which local manufacturers have labelled a hasty exercise. Some business owners have threatened to [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":467893,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-467892","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts\/467892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/comments?post=467892"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts\/467892\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/media?parent=467892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/categories?post=467892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/tags?post=467892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}