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Business News Fri, 7 Jan 2022

Implementation of benchmark value reversal deferred again to January 17

GRA reverses 50% benchmark value policy on selected items at ports

Duty on sugar, vehicles, others to be impacted over benchmark value implementation

GUTA says cost of doing business at the ports to increase


The implementation of the reversal of reduction for values of imports on selected items has been deferred for a second time to January 17, 2022, by the Ghana Revenue Authority.

According to a statement issued by the authority, this is necessary to ensure transitional arrangements are well in place for a smooth implementation of the revised benchmark value policy.

“Transitional arrangements to ensure a smooth implementation will allow a storage free period for vessels that discharged on 31st December, 2021 to go through clearance without being affected by the reversal policy. The following shall apply:

“(1) Effective Monday, 17th January, 2022, any Bill of Entry (BOE) presented without payment of duty and other taxes or deposit of security (where it is a suspense cargo) will be affected by the policy. A bill of entry shall require reprocessing to be affected by the new policy. This will include the following:

*Where BOE tax assessment is accepted by declarant but tax bill has not been paid

*Where BOE tax assessment is yet to be accepted by the declarant".

The revenue arm of government further explained that for any assessed BOE that was affected by the earlier effective dates of 4th or 6th January 2022, a reprocessing will be required to reverse the effect of the policy on duty and taxes.

Already, the Ghana Union of Traders Association, Importers and Exporters and Association have all kicked against the policy citing it will be detrimental to the trading community and activities at the ports.

Prior to the second deferment, the Ghana Revenue Authority had initially set January 4, 2022, to begin the implementation of the reversal of the benchmark value policy at the ports but had to review its decision to January 6, 2022, to enable importers to clear their goods.

Once the policy kicks in, a number of selected items will no longer receive discounts at the ports.

They include vehicles, roofing sheets, ceramic tiles, aluminium products, toilet papers, towels, portland cement, mosquito coil and palm oil.

Others are cartons, sugars, noodles, facial tissue, chocolates, clinker and fruit juices among others.
Source: www.ghanaweb.com