Importers and Exporters Association of Ghana have expressed concerns over the timing for the implementation of the reversal of the benchmark value policy.
The Importers and Exporters are calling on the government to engage stakeholders as soon as possible on the proposed reversal. According to the association, the immediate implementation of the policy will incur economic hardship. Business owners will have to recoup their profit on products.
In the later days of 2022, the Ghana Revenue Authority announced the complete reversal of the benchmark policy. The policy was deemed to be effective on January 1st, 2023.
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Samson Asaki Awingobit urged the government to stick to its promises of making business activities more conducive for stakeholders. We are the backbone of the country therefore the government should reconsider things. The General Secretary speaking to Citi News called on the government.
The government will do something better I believe. It’s challenging. This is not the best because we just entered a new year. I think that if something has to be done, the government must engage in consultation on the reversal. Let’s engage and understand what the government is doing to assuage the plight of Ghanaians and business communities because we suffered in 2022. He said.
The Ghana Revenue Authority (GRA) has announced the reversal of a 30% discount on import values of general goods. Also a 10% discount on the Home Delivery Value of vehicles effective January 1, 2023. The GRA’s statement made some clarifications.
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Following the budget statement and economic policy of the government of Ghana for the year ending 31st December 2023, dated 24th November 2022, the Ghana Revenue Authority (GRA) wishes to inform the trading public of the complete reversal of the 30% discount on import values of general goods and 10% discount on home delivery value (HDV) of used vehicles effective 1st January 2023.
The valuation of all goods will continue to be done in line with World Trade Organisation valuations. What this means is, the price of goods is about to surge.
Valuation of all goods will continue to be done in line with the World Trade Organization (WTO) valuation agreement, WCO Customs valuation compendium and the Customs Act 2015 (Act 891) section 60 (used motor vehicles) and section 67 (general goods).
The introduction of discounts on imported goods was established in 2019. The implementation was to help reduce the prices of imported products in the country.
In 2019, the discount on general goods imported was 50% while the discount on imported vehicles was 30% to bring respite to citizens. Kindly Follow Us for more reclusive news updates. We are on all social media platforms. Question is, what will be the effects of the reversal?
