Saturday, May 18, 2024

GUTA warns against removal of fifty percent benchmark value

The Ghana Union of Trades’ Associations (GUTA), says the trading community is not prepared to accept an additional burden or layer of cost of doing business, especially, as there has already been the introduction of new taxes and increments in the value-added tax, which have been accommodated by these same suffering businesses in the country.

In a statement signed by its President, Joseph Obeng, GUTA warned against the government’s removal of the 50% reduction of the benchmark value which was introduced a few years ago to alleviate the plight of the trading community, as well as save businesses in the country from imminent collapse.

It said the reduction of the benchmark value is the only lifeline policy left for businesses, especially at this trying time, hence the need for it to be maintained.

It said the introduction of the reduction of the benchmark value by 50% has, in actual fact, brought relief to the trading community, sanity into the system and eased tension and agitations.

It said at this time of numerous global economic challenges brought about by the pandemic, seriously affecting businesses all over the world, any attempt to remove this good policy of the government that brought relief will be suicidal for the state.

This according to the Association is because, it will not only collapse business but also cause an unbearable rise in prices of goods and services beyond the reach of consumers, especially, low-income earners and the unemployed.

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