GRA to introduce textile tax stamp
In a related development, to bring about sanity and fairness in the local textile industry, an excise tax stamp on textiles has been introduced by the Ghana Revenue Authority.
The Excise tax stamp, specially designed with digital and other security features, will be affixed on textile products to indicate taxes and duties have been paid or will paid.
The textile tax stamp will control the importation and local manufacture of textile for revenue purposes, check tax evasion through smuggling as well as illicit trading and counterfeit.
According to the GRA, sanctions will be imposed on non-compliant traders.
The Head of the Excise Unit at the Ghana Revenue Authority, Kwabena Apau said, “imported products are supposed to pay import duty, import VAT, Import National Health Insurance levy and others. Currently, those that are smuggled don’t pay while the local industries are paying what they are expected to pay. Thus, making their products more expensive. So by introducing this policy will make sure everybody is paying what he or she is supposed to pay. It will level the playing field for everybody.”
