The Ghana Union of Traders (GUTA) has described a false response from the Ghana Revenue Authority (GRA) that it does not compute customs duties in foreign currency.
Contrary to the GRA’s response, GUTA stated that the opposite was true.
The GRA in May this year addressed media reports regarding the computation of customs duties and other import taxes on vehicles.
It stated unequivocally that such duties are not calculated in foreign currency.
It said the duties and taxes on imported vehicles are based on the value of the vehicles in their country of origin.
This valuation includes Cost, Insurance, and Freight (CIF) charges, which are quoted in international convertible currencies such as dollars, euros, and pounds sterling. The GRA noted that these charges are then converted into Ghana cedis using the prevailing Bank of Ghana exchange rate before calculating duties and taxes in accordance with the Customs Act 2015 (Act 891).
Reacting to this, Welfare Officer for GUTA Benjamin Yeboah maintained that the Ghana Revenue Authority calculates the import duties in dollars and gives them the cedi equivalent to pay.
“They cannot quote in the cedi. You will pay in cedis, but they use the dollar index to calculate. It has always been like that.”
Meanwhile, he has indicated that GUTA is currently consulting with the government on the best method to cope with the depreciation of the Ghana cedi.
Mr. Benjamin Yeboah, stated that the depreciating cedi is impacting their operations.
He stated that GUTA wants the government to take prompt action to address the issue.
“We’re still dealing with the cedi depreciation. We are hopeful that the authorities would take immediate action to address the issue. The government has informed us that the Cocoa Syndicated Loan, the third tranche of the IMF Loan, is on its way, and we hope that it will assist address the challenges and rebuild our economy.
He said the cost of goods would increase, especially when the cost of duties was calculated in dollars for them to pay in their cedi equivalent.
By: Rainbowradioonline.com/Ghana
