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Company News of Monday, January 21, 2019
Source: Starrfmonline.com
2019-01-21
The tax stamp policy is derived from the Excise Stamp Act 2013 (Act 873).
The government has suspended plans to launch the implementation of the policy of fiscal stamps for the textile industry that is scheduled for this month.
The move is to ensure that additional security features are added to the buffer.
The government revealed last year its intention to extend the textile tax stamp policy in order to reduce the smuggling of the product into the country and create jobs in the sector.
The tax stamp policy is derived from the Excise Stamp Act 2013 (Act 873).
The policy requires specified excise goods to carry tax stamps with specific characteristics designed and supplied by the Ghana Revenue Authority prior to their ex-factory delivery, exit from ports of entry and their sale.
Addressing Starr Business, Daniel Nuer, Tax Policy Officer of the Ministry of Finance, said the policy will only be extended to the textile industry once the modalities for its implementation have been addressed. .
"We are preparing a timetable to define the necessary modalities for the implementation of the system," he said, adding that the Minister of Finance will shortly present an executive instrument specifying the exact implementation period set by the law.
"Until we set the terms … it's teamwork. So we need to hear from the technical team, because there are technical details to be sure that all the modalities are in place, so we can set a date, "he added.
The Trade Union of Workers of Industry and Commerce believes that this delay will benefit the actors of the textile industry.
The secretary general of the USI, Solomon Kotei, said: "The government has remained focused on this issue."
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