The Ghanaian Government recently suspended plans to implement the tax stamp policy for the textile industry that was scheduled to start this month. The move is to ensure additional security features in the stamp. Last year, the government had announced its plans to extend the tax stamp policy to textiles to curb smuggling and raise jobs in the sector.
The policy requires specified excisable products to be affixed with tax stamps with specific features designed and supplied by the Ghana Revenue Authority before they are delivered ex-factory, cleared from any port of entry and showcased for sale.
The policy will only be extended to the textile industry after modalities for its implementation are addressed, a Ghanian newspaper report quoted head of tax policy at the finance ministry Daniel Nuer as saying.
The finance minister will soon come out with an executive instrument giving the exact time for implementation as determined by law, Nuer added.