{"id":467905,"date":"2018-02-27T03:00:36","date_gmt":"2018-02-27T03:00:36","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/27\/tax-stamp-policy-will-stay-ken-ofori-atta\/"},"modified":"2018-02-27T03:00:36","modified_gmt":"2018-02-27T03:00:36","slug":"tax-stamp-policy-will-stay-ken-ofori-atta","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/27\/tax-stamp-policy-will-stay-ken-ofori-atta\/","title":{"rendered":"Tax stamp policy will stay &#8211; Ken Ofori-Atta"},"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>citifmonline.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\/70064083.295.jpg\" alt=\"Ken Tax Bill\" title=\"Ken Tax Bill\" width=\"295\" height=\"193\" \/><span class=\"image_caption\"><span>Ken Ofori-Atta, Finance Minister<\/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\/1519700436_271_ai\" border=\"0\" alt=\"\" \/><\/a><\/iframe><\/noscript><\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"clear:right\"> Finance Minister, Ken Ofori-Atta has given the strongest indication that government will not review or withdrawal the excise tax stamp policy.<\/p>\n<p>The excise tax stamp law was passed by parliament in 2013 to halt tax evasion in the manufacturing sector.<\/p>\n<p>The policy will affect alcoholic, beverage and water bottle producers, among others.<\/p>\n<p>However, the policy, which is scheduled to be implemented on March 1, 2018 has been met with some opposition from the Coalition of Key Business Associations in Ghana.<\/p>\n<p>The association is kicking against the policy, stating that it will increase their cost of production since manufacturing companies are required to purchase the machines that will help to emboss the tax stamp on their products.<\/p>\n<p>But Speaking to journalists at a press conference, Finance Minister, Ken Ofori-Atta maintained that the policy will not be reviewed or scrapped.<\/p>\n<p>He argued that the policy was passed to cure revenue leakages in the economy as well as help government accurately measure the amount of goods produced in the manufacturing sector.<\/p>\n<p>\u201cThis law was passed in 2013, so for interested manufacturers, in terms of getting ready to do it, let the person not think that this government just came in and brought the law two or three months ago, \u201che said.<\/p>\n<p>He stated that it is unfair for some players in the manufacturing sector to oppose the policy on grounds of lack of preparation.<\/p>\n<p>\u201cSo from 2013 to now, what have you (manufacturers) being doing about it,\u201d he asked, adding that, governments have had adequate engagements with key stakeholders on the roadmap to implement the tax.<\/p>\n<p>Mr. Ofori-Atta urged stakeholders to look for best practices in Europe and other parts of the world on the implementation of such policies.<\/p>\n<p>He maintained that the cost of the machine used in implementing the policy is always borne by the manufacturing company.<\/p>\n<p>\u201cYou can do a research in other western countries and find out who pays for these machines. And then you can question how it is being done in Ghana. Why are we even doing it in the first place, because people are evading taxes,\u201d he stressed.<\/p>\n<p>Meanwhile, the Commissioner-General of the Ghana Revenue Authority, Kofi Nti who was also at the conference has explained that the tax stamp policy has a recovery component in it that will help the manufacturing sector recoup cost incurred in implementing it.<\/p>\n<p>He warned that companies that flout the law will be penalized.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/content.jwplatform.com\/players\/OtK4rX2J-GtVgZhNx.html\" width=\"600\" height=\"350\" frameborder=\"0\" scrolling=\"auto\" allowfullscreen=\"\" style=\"position:absolute;\"><\/iframe><\/p>\n<p><!-- uploaded by: 33 updated by: 33 --><\/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: citifmonline.com 2018-02-27 Ken Ofori-Atta, Finance Minister Finance Minister, Ken Ofori-Atta has given the strongest indication that government will not review or withdrawal the excise tax stamp policy. The excise tax stamp law was passed by parliament in 2013 to halt tax evasion in the manufacturing sector. The [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":467906,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-467905","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\/467905","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=467905"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/posts\/467905\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/media?parent=467905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/categories?post=467905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2018\/wp-json\/wp\/v2\/tags?post=467905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}