The Ghana Revenue Authority (GRA) has rejected claims the charging of benchmark value on spare parts is to blame for the gradual rise in the prices of the goods.<\/p>\n
The GRA explains that the tax has since 2015 been canceled with the implementation of the single window platform.<\/p>\n
The comment by the Authority follows threats by the Spare Parts Dealers Association to increase prices due to the tax.<\/p>\n
Commenting on the matter, the Commissioner of the Customs Division at the GRA, Isaac Crentsil flatly dismissed the claims by the spare parts dealers.<\/p>\n
He explained to\u00a0Citi Business News<\/strong>\u00a0the charge ended with the collapsing of the Destination Inspection Companies (DICs) at the ports about three years ago.<\/p>\n \u201cThe benchmark is a risk management tool to help us look at valuation. So what it means is that at least we expect that if your documentation is not up to date and we don\u2019t expect revenue to suffer, we ensure that then we should not go beyond the benchmark\u201d he explained.<\/p>\n But the spare parts dealers earlier maintained that the continuous imposition of the Benchmark value charges has partly made it difficult for them to reduce their prices despite the tax cuts.<\/p>\n However, Mr. Isaac Crentsil insists the traders are only levied the mandatory 17.5 percent VAT on all imports hence are not justified by the call.<\/p>\n \u201cIn the first place, the Abossey Okai spare parts dealers are not on benchmark. What they pay is the 17.5 percent VAT. It is only imported duty that we have taken away but they are supposed to pay import VAT\u201d he clarified.<\/p>\n Abbosey Okai Spare Parts Dealers threaten to increase prices<\/strong><\/p>\n The Abbosey Okai Spare Parts Dealers Association has warned that its members will increase their prices of their goods if government does not intervene in what they describe as increase in benchmark value charges at the ports.<\/p>\n According to the dealers, although government scrapped the one percent special import levy last year, they have been compelled to pay higher benchmark values at the ports.<\/p>\n The dealers tell\u00a0Citi Business News<\/strong>\u00a0these charges have increased the taxes they pay at the port for their products.<\/p>\n –<\/p>\n By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The Ghana Revenue Authority (GRA) has rejected claims the charging of benchmark value on spare parts is to blame for the gradual rise in the prices of the goods. The GRA explains that the tax has since 2015 been canceled with the implementation of the single window platform. The comment by the Authority follows threats […]<\/p>\n","protected":false},"author":14,"featured_media":186430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11,1166],"tags":[],"yoast_head":"\n