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Government hits businesses with new taxes

Feb. 26, 2018, 1:28 p.m.

Businesses should be ready to pay more in taxes to the government for the rest of this year – 2018.

This is because at least two more taxes are set for implementation beginning next month; March.

The two 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 Harmonised 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 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.