Today January 24, 2022

GRA implements govt’s policy directive on removal of benchmark values on selected items

Effective Tuesday, January 4, 2022, the Customs Division of the Ghana Revenue Authority (GRA) will begin the implementation of government’s policy directive on the reversal of the reduction of values of imports on selected items, otherwise known as the ‘benchmark values’.

The reversal will affect selected items from all the three categories on which the reversal was applied.

These are:
1. The home delivery value of vehicles
2. Goods on which benchmark values are applied
3. All other goods

Government in 2019 introduced the benchmark policy in accordance with the World Customs Organisation’s policy of regular review of valuation database.

Under this policy, certain commodities are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics of these commodities.

It also takes into consideration factors such as protection of health, the environment, and security as well as protection of local industries.

In line with the reversal, series of engagements have been had with relevant stakeholders with the aim of reaching a consensus on the implementation of the policy.

In all forty-three (43) items on the list have been affected by the review. The full list of items is available on the Ghana Revenue Authority website www.gra.gov.gh.

GRA entreats the trading community especially importers to take note of this directive and comply accordingly.

Thank you.

Source: Ghana Web

hammad

hammad

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