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Gov’t to hit businesses with new taxes

Gov’t to hit businesses with new taxes

Businesses should be ready to pay more taxes to the government for the rest of  2018.

At least two more taxes are set for implementation beginning next month; March.

The taxes to be rolled out are the excise tax stamp and the Harmonised ECOWAS Common External Tariff (CET).

The excise tax stamp will affect businesses that are engaged in the importation, manufacturing or wholesale of excisable goods such as canned or bottled drinks, non-alcoholic carbonated beverages, cigarette and tobacco products, while the Harmonized ECOWAS CET on the other hand 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 and subsequently tariffs to be borne by importers of same.

Citi Business News has been speaking to some economists who say government wants to rake in enough revenue to provide funding for some key programmes such as the free Senior High School policy.

Click to listen to the full audio report.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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