Diamond Winners Association bemoans 3% rolling tax on diamond sale

Diamond Winners Association bemoans 3% rolling tax on diamond sale

The National Chairman of the Ghana Diamond winners Association Isaac Amable has appealed to the government to reduce the 3% rolling tax on the sale of diamonds to 1% in order to save the dying business.

He said the struggling diamond industry is already burdened with taxes throwing many out of business.

He indicated that the 3% rolling tax placed on every single diamond sold to Precious Minerals Marketing Company Limited (PMMC) is having a negative toll on the already collapsing industry.

He added that the members are already paying taxes on the sales of the diamonds to the government through the 2.25% tax the buyers pay to the government.

“The 3% is having a lot of effects in the system because we those we buy the diamond, all our capital is finish because of the three per cent. Assuming I have diamond worth of 10,000 and I am selling it to PMMC I will go and sell it as Soo as it is sold they will take 3% out of it. An hour time if I go back and they buy another diamond they will take 3% so a day if I sell three parcels -they will take 3% each from all the parcels so it has brought a lot of effects and all our money has vanished”.

“In Akwatia we depend on the diamond so government should come to our aide to take out his 3% so that we can do our business too well ”

According to the National Chairman, several letters have been written to the government over their concerns but the situation remains the same.

The National Chairman of the Ghana Diamond winners Association Isaac Amable made this appeal in an interview with Starr News on the state of the diamond industry in Akwatia known to be a diamond hub in Ghana.

Speaking on the defunct Ghana Consolidated Diamonds limited, Isaac Amable, pleaded with the government to look for investors and revive the company “because its current situation has resulted in an increased unemployment in the Akwatia vicinity”.

A popular Gold and diamond Dealer in Akwatia Isaac Anu believes only foreign investors can revive GCD.

“The collapse of GCD has affected Akwatia, we need foreign investors to take over the company. It is only foreign investors who can help. The local investor does not have the financial and technical capacity to help GCD work again”.

Some of the youth who are currently jobless re-lived moments the company greatly contributed to wealth creation in the Akwatia district with an appeal to the government to hasten the process of securing an investor to revive the company.

 

Source: Starr FM

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