There is a growing opposition to the government’s excise tax stamp due to be rolled out on March 1, which local manufacturers have labelled a hasty exercise.

Some business owners have threatened to shut down their plants if the government does not heed their calls to reconsider the implementation of the tax stamp.

Starting Thursday, all manufacturers and importers of excisable products are expected to fix hologram stamps on their products before they are sold to consumers.

Products to be stamped include, cigarette, alcoholic and non-alcoholic products produced locally or imported. There are two stamps – orange and violet – for domestic and imported products respectively.

The excise tax stamp is one of the measures detailed in the Excise Tax Stamp Act 2003 (Act 873) to ensure tax compliance and an improved revenue collection.

As part of the arrangement, the government will provide the manufacturers with the stamps while they are required to purchase a machine to carry out the activity.

The cost of the machine is estimated at $30,000 to $50,000, a development the manufacturers have described as worrying.

Speaking to Joy News Monday, Blow Group of Companies Chairman, Manoj Lakhiani said local manufacturers are not ready for the implementation of the policy.

“How are we going to survive? Do we have a chance?” he asked in an interview with Joy News’ Elton Brobbey, adding “we will shut down the plants.”

Mr Lakhiani would want the excise tax stamp to be rolled out on a pilot basis, starting with imported products.

Deputy Finance Minister, Kwaku Kwarteng

But Deputy Finance Minister, Kwaku Kwarteng said the government will not waver in its resolve to implement the tax stamp on the scheduled date.

“We are determined to deploy this tax stamp [and] those manufacturers who continue to hesitate the government will take immediate steps to ensure compliance,” he said.

He has charged business owners to do what is required of them, adding when the policy starts “there won’t be easing of pressure.”