GRA suspends implementation of reversal of benchmark value policy for second time

The Ghana Revenue Authority (GRA) has suspended the implementation of the reversal of the benchmark value policy for two weeks.

The suspension, to be lifted on January 17, 2022, is to allow importers who got their duty bill before December 31, 2021, to successfully clear their goods within the period.

This is the second time the GRA has deferred the implementation of the Policy. The Authority explained that the transitional arrangements are to ensure a smooth implementation.

Effective Monday, 17th January 2022, any Bill of Entry presented without payment of duty and other taxes or deposit of security will be affected by the policy. A bill of entry shall require reprocessing to be affected by the new policy.

The implementation of the reversal of the benchmark value on some 43 imported items initially took effect on Tuesday, January 04, 2022.

The GRA, however, suspended the implementation for 24 hours on Wednesday, following concerns raised by some importers over difficulties in clearing their goods after completing the required processes before January 4.

The policy has since been met with divided opinions over its appropriateness among industry players and stakeholders.

Whereas the Association of Ghana Industries, AGI, supports the reversal of the benchmark value to reduce importation and boost local industries, the Ghana Union of Traders Association (GUTA) and freight forwarders hold contrary position, fearing that the move will increase charges at the Port and affect prices of imported products.

Minister of Finance, Ken Ofori-Atta

The Minister of Finance, Ken Ofori-Atta yesterday met the leadership of GUTA, AGI, and Importers and Exporters Association to listen to their concerns.

The Ministry is expected to announce its final decision on the implementation of the policy after meeting the stakeholders.

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