Ghana's Trading Hub News

Finance Minister charges West Blue, GCNet to improve valuation system

Finance Minister Ken Ofori-Atta has charged GCNet and West Blue Consulting to work at improving consignment valuation at the ports to help increase revenue.

The two companies which are working to implement the Single Window Project at the ports are expected to meet a revenue target of 33 percent even though they missed a 30 percent target last year.

Speaking after GCNet presented a cash of 17 million cedis to the Ministry of Finance as part of its dividend for 2016, Mr. Ofori-Atta charged the two companies to resolve issues around the valuation system at the ports to improve revenue generation.

He pointed out that it is prudent to close the gap in valuation at the ports to properly determine the values of goods to rake in the needed revenue.

“We like to look at consignment valuation and the issues that we seem to be having so that it will help us identify some rather glaring loopholes that we are seeing. I think also sometimes the gap between West Blue and you [GCNet] with regard to the CCVR and what we know is being logged into the systems is becoming something of a worry and we hope that we can resolve it,” he stressed.

He observed that government can greatly block all leakages at the ports if the proper mechanisms are put in place to enhance the system.

He expressed optimism that with the increase in the database of GCNet, revenue projection for 2017 must see an improvement.

“We are told that over 500,000 new tax payers have been registered in your new system and that of course is good news for us as we need to extend the extent to which everybody pays a bit of this burden for us,” he stated.

Mr. Ofori-Atta maintained that it is important for all exporters and importers to pay their taxes regularly and promptly to generate the revenue needed for national development.

Source:https://citifmonline.com/2017/04/11/finance-minister-charges-west-blue-gcnet-to-improve-valuation-system/

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