The Ghana Union of Traders Association (GUTA) is accusing the government of attempts to remove the Benchmark Value Reduction of 50% on some selected imported items, saying, any scrapping of the policy will escalate the prices of goods on the market and increase hardship.
A statement signed by the President of GUTA, Dr Joseph Obeng, warns that the 50% Reduction in the Benchmark Values is the last straw of hope that businesses are holding on in the wake of the outbreak of the Covid 19 pandemic. Benchmark values are reference values that customs uses in determining values that could be imposed on imports meant for clearance at the country’s ports.
He, therefore, fears the unbearable hardships any attempt to scrap the Benchmark Value will cause.
According to the trading association, removing the benchmark value will suffice the quest to generate much revenue, adding, the association calls for more pragmatic steps to widen the tax net.
We suggest that government should look at the abuse in the system of Warehousing, Goods in Transit, the Tax Exemption Policy and find innovative ways to monitor and control these areas which will definitely stop or minimise drastically the over excessive leakages in the system.”
“We will also encourage the government to only shortlist these selected items to products that border on health and security,” the statement added.