The Ghana Union of Traders Association (GUTA) has appealed to policy makers to immediately stop the Ghana Revenue Authority (GRA) from its intention to increase the benchmark value.
According to GUTA, the intention is an “abuse of their discretion” and “totally unacceptable”.
In a statement issued on Monday, October 24, GUTA said it has got winds of GRA’s intention to increase the benchmark values in the face of the current economic crisis.
“We hereby categorically state that the use of the benchmark value as a valuation method is illegitimate and contrary to the World Trade Organisation’s (WTO) valuations system, which should not be encouraged in every sense of the word,” the statement signed by GUTA President Dr Joseph Obeng said.
Dr Obeng recalled how the latest increase in benchmark value led to “escalation of import duties” and agitations among traders.
But the decision was rescinded.
“As we issue this statement, the benchmark reduction policy has become a topical issue that has not been resolved, so for GRA to bring any increment to aggravate the situation in the country is totally unacceptable.”
