It is a tax designed for individuals operating in the informal sector, for example, small-scale self-employed dressmakers / tailors, hairdressers / beauticians / barbers, susu collectors, chop bar owners, cooked food sellers, butchers, container / kiosks / table top operators, garage owners, artisans (masons, carpenters, welders, mechanics, vulcanizers, electricians, sprayers), hawkers and itinerant traders.
Income Tax Stamp is paid on a quarterly basis.
The due dates are:
It is categorized based on the size, nature and volume of the business. A Tax Stamp must be conspicuously displayed at the business premises or carried on your person (in the case of itinerant traders) for inspection at any time.
The Tax Stamp is circular in three different colours; light green, red and dark green. Other features include the name of the taxpayer, the amount paid, the period in respect of which the payment is made. It also has a security mark. The Tax Stamp ranges from GH₵3 to GH₵45 per quarter.
Business operators in the informal sector are to buy the Tax Stamp e.g. artisans, masons, carpenters, welders, mechanics, hairdressers, tailors, seamstresses, chop bar operators, cooked food sellers, market traders etc. Under this system, business operators in the informal sector are grouped according to the business type and volume.
You may choose anyway to display the Tax Stamp as long as it is easily visible at the place of your business.
In the case of hawkers and table top operators, it is recommended that the tax stamp be kept in a plastic sheath carried on the person at all times for inspection at any time. Any small scale self-employed person who fails to pay tax or fails to produce the Tax Stamp for inspection commits an offence and it is punishable by law.
As an operator in the informal sector, affected by the Tax Stamp system,
You must buy the tax stamp on or before 15th January, 15th April, 15th July, and 15th October of each year.
The Tax Stamps are available at the nearest Small Taxpayer Office (STO) or Taxpayer Service Centres (TSCs) of the Domestic Tax Revenue Division (DTRD).
Taxpayers are to note that payment of the Tax Stamp is not a final tax.
The Tax Stamp is tax paid on all accounts and not final tax. All businesses operating on the Tax Stamp businesses are expected to file returns at the end of each calendar year, not later than 30th April, of the following year.