Effective Tuesday, 4th January, 2022, the Customs Division of the Ghana Revenue Authority (GRA) will begin the implementation of Government’s policy directive on the reversal of the reduction of values of imports on selected items, otherwise known as the ‘benchmark values’.
We recall that the Government suspended 50% benchmark values on selected general goods and 30% on vehicles to make the measure more efficient and targeted.
Finance Minister Ken Ofori-Atta, who announced this when he presented the 2022 budget to Parliament, said the move was consistent with the government policy to promote local industry and improve foreign exchange earnings.
He said Government was committed to a programme of turning enterprising traders into manufacturers of widgets, tools and other machinery necessary as inputs for industrial growth.
According to GRA in a statement, the reversal will affect selected items from all the three categories on which the reversal was applied.
These are the home delivery value of vehicles, Goods on which benchmark values are applied and all other goods.
Government in 2019 introduced the benchmark policy in accordance with the World Customs Organisation’s policy of regular review of valuation database.
Under this policy, certain commodities are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics of these commodities. It also takes into consideration factors such as protection of health, the environment, and security as well as protection of local industries.
In line with the reversal, series of engagements have been had with relevant stakeholders with the aim of reaching a consensus on the implementation of the policy.
In all forty-three (43) items on the list have been affected by the review. The full list of items is available on the www.gra.gov.gh.
“GRA entreats the trading community especially importers to take note of this directive and comply accordingly,” GRA stated.
Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori
Writer’s email: [email protected]