The Trade and Industry Ministry is to subject to destination inspection and valuation, all commercial imports including even that which are tax exempt or oil-industry related capital-requirement.
This comes against the backdrop of the arrangement in which all tax exempt imports for the energy, mining, petroleum and some other sectors are not subjected to any form of inspection and valuation.
This phenomenon, according to the ministry, only exposes the country to serious abuses when it comes to accounting for the actual stated investments in those sectors by multi-nationals and determination of royalties and taxes.
The ministry says the lapse also exposes the country to capital flight through transfer pricing as well as the catastrophic environmental implications of using improper and unsafe equipment.
It has therefore indicated its plans to enforce the relevant provisions in the law for maximum economic benefits to the country.
This was announced by the Deputy Trades Minister, Mahama Ayariga who is currently in China as part of the country’s preparations for the Ghana-China business partnership and World Expo 2010 to be held between May and October.
Meanwhile, the Ministry has also announced the opening of the receipt of Expressions of Interest for companies that wish to participate in the Expo.