Business News

Benchmark value scrap for 43 items takes effect on Jan 4 – GRA

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 43 selected items.

Otherwise known as the ‘benchmark values’, the reversal will affect the selected items from all the three categories on which the reversal was applied, a statement from the Authority stated.

The items to be affected include the home delivery value of vehicles, goods on which benchmark values are applied and all other goods.

This means the Home Delivery Value of vehicles will no longer be discounted by 30%.

Also, the full value shall apply without any reduction for all other goods, where the importer has an invoice for which the value is higher or lower than the established Transaction Price Database.

According to GRA, this is to ensure that importers or agents pay 100% duty on selected items.

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 were benchmarked to the prevailing world prices as a risk management tool to reflect the true market dynamics of these commodities.

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

“In line with the reversal, a series of engagements have been held with relevant stakeholders with the aim of reaching a consensus on the implementation of the policy. In all 43 items on the list have been affected by the review”, the statement explained.

“The full list of items is available on the Ghana Revenue Authority website www.gra.gov.gh”, it added.

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

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