GRA denies reports of customs duties charged in foreign currencies

The Ghana Revenue Authority (GRA) has denied media reports of customs duties on imported vehicles being charged in foreign currencies.

In a press release dated May 16, 2024, the GRA stated that such claims are 'misleading and should be disregarded.'

The body emphasized that the computation of duties and taxes is based on the vehicle's value in its country of origin, including Cost, Insurance, and Freight (CIF) charges.

These CIF values, although quoted in international currencies, are converted to Ghana cedis using the Bank of Ghana's current exchange rate before duties and taxes are applied.

"Duties and taxes are computed based on the value of vehicles from the country of origin. In addition to the cost of vehicles, Insurance and Freight charges must be added to form the base for the calculation of duty and taxes. The Cost, Insurance, and Freight (CIF) values are quoted in international convertible currencies such as dollars, euros, pounds sterling, etc.

"The CIF value is then converted into Ghana cedis at the prevailing Bank of Ghana exchange rate. Rates of duty and other taxes are then calculated on the item in GH¢ (Ghana cedis). The duty and taxes are NOT quoted in foreign currency, but in GH¢," the statement read.

The GRA thus urged the public to ignore any misleading information suggesting foreign currency calculations and reassured its commitment to revenue mobilization with integrity, fairness, and transparency.

"Therefore, we entreat the general public to disregard this false information.

"We also assure the public of our commitment to our mandate of mobilizing revenue with integrity, fairness, and transparency," the statement added.

Read the full statement here

ID/MA

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