Claims by the Abossey Okai Spare Parts Dealers Association that, charging of benchmark value on spare parts is to blame for the gradual rise in the prices of their goods has been rejected by the Ghana Revenue Authority (GRA).
The Abbosey Okai Spare Parts Dealers Association has warned that its members will increase their prices of their goods if government does not intervene.
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.
But the Commissioner of the Customs Division at the GRA, Isaac Crentsil dismissed the claims by the spare parts dealers saying, “The 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’t expect revenue to suffer, we ensure that then we should not go beyond the benchmark.
“In 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” he told Accra based Citi FM