By: Fatou Krubally
The Confederation of Gambian Industries (CGI) has raised concerns over the implementation of the digital tax stamp reduction on cup water, warning that businesses are still facing higher costs than anticipated.
The concern was raised in a statement recently issued by the Confederation.
According to CGI, the Ministry of Finance had announced a 41.67 percent reduction in the price of tax stamps for cup water. However, member reports indicate that only a 30 percent reduction is currently being applied, with some businesses also reporting payments being requested without proper invoices.
Following CGI’s formal correspondence on the matter, a meeting was held with the Ministry of Finance’s Director of Tax and Revenue. During the meeting, the Ministry explained that discrepancies were linked to euro dalasi exchange rate fluctuations, as the concessionaire, SICPA, purchases stamps in euros and resells them in dalasis.
CGI described this explanation as unsatisfactory, noting that it exposes businesses to unpredictable costs and raises questions about the regulatory oversight of the policy. The organisation stressed that the reduction should be applied consistently to ensure the intended relief reaches businesses.
The Ministry of Finance has indicated that it will consult with the Gambia Revenue Authority (GRA) and SICPA and provide a written response.
Meanwhile, CGI is calling on its members to share invoices, receipts, or any evidence of discrepancies with the Secretariat to strengthen the organisation’s collective representation.
“CGI will continue to follow up on this matter and update members accordingly,” the organisation said in a statement.
The outcome of these consultations will determine whether businesses in the cup water industry receive the full benefit of the promised tax stamp reduction.
The post Cup Water Tax Stamp Reduction Falls Short, Says CGI appeared first on .
The article highlights a concerning discrepancy in the tax stamp reduction for cup water businesses, suggesting inconsistent implementation and potential regulatory failures. Its disheartening to see businesses still facing financial uncertainties due to such administrative issues.football legends unblocked
The article is really concerning, as it shows how government promises on tax relief aren’t being fully delivered, leaving businesses in uncertainty. It’s good that CGI is pushing for clarification and consistency.badminton
This article is really concerning, as it shows how government promises on tax relief aren’t being fully delivered, leaving businesses in uncertainty. It’s good that CGI is pushing for clarification and consistency.speed stars race
nv1ung