Sun. Dec 3rd, 2023

GRA arrest top executives of two companies for tax fraud

GRA arrest top executives of two companies for tax fraud

The excise tax stamp, which is applied on excisable items to show that taxes and levies have been or will be paid, regardless of whether the goods are locally produced or imported, was created with digital and other security elements in mind.

According to Mr. Francis Ogoo, Chief Revenue Officer of the Ghana Revenue Authority, every maker or importer of excisable products was required to apply the tax stamp to the goods before selling them under Sections 15 and 16 of the Excise Tax Stamp Act, 2013 (Act 873).

According to him, the anticipated excise revenue was not realized over the period, which prompted a nationwide initiative to ensure that imported and domestic excisable products had a valid stamp and to stop smuggling, illegal dealing, and counterfeiting of excisable goods.

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In order to boost the nation’s tax collection, the national exercise was also created to monitor under-declaration of products.

Mr. Ogoo added that the GRA started a nationwide effort to examine and ensure that the right things were being done before the predicted revenue throughout the years was not realized.

After the exercise, he claimed the team discovered that certain excisable products had been faked and received new stamps, while others were on the market without any stamps at all and were confiscated in Koforidua.

Additional research, he continued, revealed the locations of the two directors of the aforementioned businesses that produced the products, leading to their subsequent arrest on Tuesday and the issuance of a bill to let the case to proceed in court.

Among the local goods he mentioned that lacked a tax stamp were J. H. Riches Schnapp, Agya Nie bitters, and Lawson De-Ray Man bitters. He also mentioned some imported goods like J. H. Henkes Schnapp, canned cokes, whiskey, champagne, and red wine.

He advised people to utilize the GRA Tax Stamp Authenticator App, which can be used to determine whether a product has a legitimate tax stamp and report when the stamps are invalid, to help the GRA in its efforts to raise revenue.

Additionally, he claimed that users of the app can verify the legality of excisable product tax stamps on items including alcoholic and non-alcoholic beverages, cigarettes, other tobacco products, as well as locally or internationally made bottles of water.

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