Tax Policy Tax stamp could create complexity- Guinness MD

Managing Director for Guinness Ghana Breweries Limited (GGBL), Francis Agbonlahor, says the new exercise tax stamp policy will make business operations costly.

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The Managing Director for Guinness Ghana Breweries Limited (GGBL), Francis Agbonlahor, has said the suspend Exercise Tax Stamp policy will create complexity in terms of operations.

The policy was suspended following a swell of protest from the business community.

It was initially scheduled to come into force March 2016 but was suspended for further deliberations.

According to some freight forwarders, the policy has the potential of increasing cost of operations.

They have also threatened to boycott the implementation of the policy.

But Agbonlahor said in an interview with Citi FM that the policy will make things much more difficult under “what is already a challenging environment.”

He noted that his outfit will however abide by the policy should it be implemented.

He said authorities have been very understanding, “they have seen the total picture in terms of how this could impact on the economy and industries.”

Executive Director of the Importers and Exporters Association of Ghana, Samson Asaki Awingobite, told in March that they will increase the prices of imported goods and beverages if government implement the tax stamp policy in the manner it intends to.

"Certainly, I can say that we will have to increase the cost of our goods if the tax stamp policy is implemented. This is because, we will have to further transport our goods from the port to a different location for the tax stamps to be put on them. You can imagine if we have to leave the goods there for some time for the stamps to be placed, we will have to pay for them to be packed and further transported to their destination. This comes at an extra cost and extra inconvenience to the importers."

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