Statement :GUTA Appeals To Gov’t To Maintain The 50% Benchmark Value Policy In The 2022 Budget Statement

The Ghana Union of Traders’ Association has appealed to the Government through the Ministry of Finance and Economic planning not to reverse the policy on the 50% reduction on the Benchmark value in the 2022 National Budget Statement.
The policy was introduced a few years ago to save businesses, especially, trading from total collapse due to high import duties and high fees and charges at the port.
The policy has helped enormously in saving businesses. It has also helped reduced smuggling, as well as ensuring compliance and this enabled the government to exceed its revenue targets over the years.
Currently businesses are in serious distress and finding it difficult to operate, so any attempt to reverse the policy will spell doom to businesses in the country, especially trading and will cause serious disaffection.
In fact, the adverse effects of the Corona Virus (COVID-19) pandemic, which has caused world commodity prices to go up astronomically whiles freight charges have also gone up to over 650%, has exacerbated the situation.
However, GUTA has no objection if the Government decides to increase Tax on non-essential goods such as alcoholic drinks, cigarettes and other related products that may be harmful to human health.

Source :DR J SEPH OBENG/GUTA
PRESIDENT