{"id":192835,"date":"2024-06-24T19:10:39","date_gmt":"2024-06-24T19:10:39","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/24\/you-calculate-our-duties-in-dollars-for-us-to-pay-in-their-cedi-equivalent-guta-fires-back-at-gra\/"},"modified":"2024-06-24T19:10:39","modified_gmt":"2024-06-24T19:10:39","slug":"you-calculate-our-duties-in-dollars-for-us-to-pay-in-their-cedi-equivalent-guta-fires-back-at-gra","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/24\/you-calculate-our-duties-in-dollars-for-us-to-pay-in-their-cedi-equivalent-guta-fires-back-at-gra\/","title":{"rendered":"You calculate our duties in dollars for us to pay in their cedi equivalent \u2013 GUTA fires back at GRA \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p id=\"article-123\">The Ghana Union of Traders (GUTA) has disputed a statement from the\u00a0Ghana Revenue Authority\u00a0(GRA) claiming that it does not compute customs duties in foreign currency.<\/p>\n<p>Contrary to the GRA\u2019s statement, GUTA asserts that the opposite is true.<\/p>\n<p>The GRA, in May of this year, addressed media reports regarding the computation of customs duties and other import taxes on vehicles, stating unequivocally that such duties are not calculated in foreign currencies.<\/p>\n<p>It explained that the duties and taxes on imported vehicles are based on the vehicles\u2019 value in their country of origin. This valuation includes Cost, Insurance, and Freight (CIF) charges, quoted in international convertible currencies like dollars, euros, and pounds sterling.<\/p>\n<p>The GRA noted that these charges are then converted into Ghana cedis using the prevailing Bank of Ghana exchange rate before calculating duties and taxes in accordance with the Customs Act 2015 (Act 891).<\/p>\n<p>In response, the Welfare Officer for GUTA, Benjamin Yeboah, insisted that the\u00a0Ghana Revenue Authority\u00a0calculates the import duties in dollars and provides the cedi equivalent for payment.<\/p>\n<p>\u201cThey cannot quote in the cedi. You will pay in cedis, but they use the dollar index to calculate. It has always been like that,\u201d he said.<\/p>\n<p>Furthermore, he indicated that GUTA is currently consulting with the government on the best method to cope with the depreciation of the Ghana cedi.<\/p>\n<p>Mr. Yeboah stated that the depreciating cedi is affecting their operations and that GUTA is urging the government to take prompt action to address the issue.<\/p>\n<p>\u201cWe\u2019re still dealing with the cedi depreciation. We are hopeful that the authorities will take immediate action to address the issue. The government has informed us that the Cocoa Syndicated Loan, the third tranche of the IMF Loan, is on its way, and we hope that it will help address the challenges and rebuild our economy,\u201d he explained.<\/p>\n<p>He also mentioned that the cost of goods would likely increase, especially when the cost of duties is calculated in dollars, which they then have to pay in their cedi equivalent.<\/p>\n<p><strong>Source:\u00a0<\/strong>rainbowradioonline.com<\/p>\n<p><!-- CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Ghana Union of Traders (GUTA) has disputed a statement from the\u00a0Ghana Revenue Authority\u00a0(GRA) claiming that it does not compute customs duties in foreign currency. Contrary to the GRA\u2019s statement, GUTA asserts that the opposite is true. The GRA, in May of this year, addressed media reports regarding the computation of customs duties and other [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":192747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-192835","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>You calculate our duties in dollars for us to pay in their cedi equivalent \u2013 GUTA fires back at GRA \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/06\/24\/you-calculate-our-duties-in-dollars-for-us-to-pay-in-their-cedi-equivalent-guta-fires-back-at-gra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"You calculate our duties in dollars for us to pay in their cedi equivalent \u2013 GUTA fires back at GRA \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Ghana Union of Traders (GUTA) has disputed a statement from the\u00a0Ghana Revenue Authority\u00a0(GRA) claiming that it does not compute customs duties in foreign currency. Contrary to the GRA\u2019s statement, GUTA asserts that the opposite is true. 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