Businesses should be ready to comply with the Government with its new tax implementation initiatives for the rest of this year – 2018.
This is because some new tax policies are set for implementation beginning next month; March.
The two new tax policies to be rolled out are the excise tax stamp and the Harmonised ECOWAS Common External Tariff (CET).
Tax Stamp does not intend to introduce a new tax. It rather requires that Excise Tax Stamps should be fixed on specified excisable products to enhance security and tracking features on those products.
The stamps will also serve as preliminary evidence of payment of required duties and taxes on the selected products.
It will also provide an audit trail for tracing importers and manufacturers of counterfeited goods where necessary.
The excise tax stamp will affect businesses that are engaged in the importation or manufacturing of excisable goods such as canned or bottled drinks, non-alcoholic carbonated beverages, cigarette and tobacco products.
On the other hand, the Harmonised ECOWAS CET will affect importers of goods classified under the CET.
Although the CET is being implemented at the ports, Citi Business News understands that an international review of the system has led to the addition of new products such as tripod which attracts 20 percent tariff to be borne by importers of the product among others.
Citi Business News has been speaking to some economists and they suggest that the move has become apparent as government is expected to rake in enough revenue to provide funding for some key government projects such as the free Senior High School programme.