The Executive Secretary of Asante Business Owners Association, Charles Kusi Appiah Kubi has said the reversal of the 50percent benchmark values clearly shows government wants their businesses to collapse.
He said with the harsh consequences of Covid-19 pandemic, coupled with the numerous taxes in Ghana, the benchmark values was the only lifeline to many businesses.
Mr Kubi noted that reversing the 50% benchmark value will kick many out of business.
This follows the Ghana Revenue Authority (GRA) in a letter forwarded to the Finance Minister, Ken Ofori Atta, signed by the Commissioner General, Rev. Ammishaddai Owusu-Amoah, revealing that the move is informed by an agreement reached with the business community to, as it where, generate more revenue.
All items under the 32 categories currently enjoying port clearing discounts will no longer enjoy that special dispensation.
The items include, sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.
Other items also include vehicles, ceramic tiles, aluminum products, cartons, textiles, fruit juices, among others.
In an interview with Kesben Television’s Omanhene Adu Boakye on Monday on the removal of 50 percent Benchmark values by the Ghana Revenue Authority, Mr. Appiah Kubi noted that “we have not moved out of the woods and shocks of covid-19.”
He added, “So for government to say they are reviewing the benchmark values downwards, of course it means that government wants to see businesses collapsing.
“If government wants to raise taxes, there are so many avenues that government could raise taxes,” he noted, adding that “Are you aware that there are a lot of foreign companies that are taking undue advantage of the tax exemption policy.”
Mr Kubi lamented that the wholly Ghanaian-owned businesses that are supposed to be the engine of growth of the Ghanaian economy will suffer greatly.
“So if government wants to improve upon its tax mobilization, it should look at what will have a positive impact on businesses,” he said.