GRA to commence implementation of government reversal on benchmark values

Discount on value on imports of good on benchmark would be reversed – Finance minister

Benchmark values to be fully applied – GRA

30 per cent discount on HDV of vehicles to be scraped

GRA will from January 4, 2022, commence the implementation of the government’s directive on the removal of the discount on the values of imports

The Minister for Finance, Ken Ofori-Atta, during the presentation of the 2022 Budget said the government will reverse the discount on value on import of goods on which the benchmark values applied because importers were not reducing the prices of goods they sold.

A statement released by the GRA (Ghana Revenue Authority) said the Home Delivery Value (HDV) of vehicles will no longer be discounted by 30 percent.

In addition, it said for goods on which the benchmark values were applied, the benchmark would be applied in full without any reduction of the value by 50 percent.

“For the avoidance of doubt, the following guidelines are for strict compliance with effect from 4th January, 2022: Home Delivery Value (HDV) of vehicles - For duty purposes, the HDV of a vehicle will no longer be discounted by thirty percent (30%). Thus, the full HDV should be used for the computation.

“Goods on which the benchmark values applied, the benchmark value shall be applied in full without any reduction of value by fifty percent (50%),” it said,

Read the full document from the GRA below