The Ghana Revenue Authority (GRA) has cleared White Stone Foods Limited of any wrongdoing in alleged tax evasion as published by some newspapers and online portals.
Media reports had accused the frozen foods company of failing to pay its taxes as mandated by law, and in the process, enjoying unfair market prices against its competitors.
However, officials of the GRA says there is no iota of truth in any of the media reportage, noting that what the company together with some others like Francopart have been enjoying of which has been misconstrued as tax evasion is Customs Advance Ruling on Valuation sanctioned by the Authority itself.
The Customs Advance Ruling on Valuation is backed by Section 12 of Act 891.
White Stone Foods Company Limited is the leading importer of frozen foods in the country.
It has been operating for over three decades until June 8, 2017, when it was granted the Customs Advance Ruling on Valuation.
The Customs Advance Ruling on Valuation is a binding decision by Customs at the request of the importer concerned on specific particulars in relation to the intended goods in preparation for importation or exportation.
The facility is renewable based on the valuation conducted by the Customs Division on the said product.
It is only granted to importers who have over the years shown commitment to the state by paying their required import duties appropriately and on time.
A Management member of White Stone Foods Limited commenting on the issue dismissed reports that the company had been evading tax, much to the detriment of the state and its competitors, insisting the Customs Advance Ruling on Valuation the company together with others are enjoying, have been in existence for some time.
“The old agreement with the GRA expired on December 2016, and was renewed in October 2017. There is nothing political about this,” he noted.
