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Implementation of bImplementation of benchmark value reversal deferred to Jan. 17enchmark value reversal deferred to Jan. 17

The implementation of the reversal of reduction of values of imports (known as Benchmark Values) on selected items has been deferred to Monday, January 17 January 2022.

The policy was to take effect from today Thursday, 6th January 2022, a statement sighted by Starr News has said.

“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:

“a. Where BOE tax assessment is accepted by declarant but tax bill has not been paid
b. Where BOE tax assessment is yet to be accepted by declarant”.

It further noted “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”

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

The 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.

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