Scrap benchmark for 43 items effective January 4 – GRA
As of Tuesday January 4, 2022, the Customs Division of the Ghana Revenue Authority (GRA) will begin the implementation of the government policy directive on the reversal of import value reduction on 43 selected items.
Otherwise known as “benchmarks”, the inversion will affect selected items of the three categories where the inversion has been applied, a statement from the Authority said.
Items to be assigned include the home delivery value of vehicles, goods to which benchmarks are applied, and all other goods.
This means that the home delivery value of vehicles will no longer be reduced by 30%.
In addition, the full value will apply without any reduction for all other goods, when the importer has an invoice with a value greater or less than the established transaction price database.
According to the GRA, this is to ensure that importers or agents pay 100% duty on selected items.
In 2019, the government introduced the benchmark policy in accordance with the policy of the World Customs Organization for regular review of the valuation database.
Under this policy, certain commodities were compared to prevailing world prices as a risk management tool to reflect the true dynamics of the market for those commodities.
It also took into account factors such as the protection of health, environment and safety as well as the protection of local industries.
“In line with the reversal, a series of engagements have taken place with relevant stakeholders with the aim of reaching consensus on the implementation of the policy. A total of 43 items on the list were affected by the review, ”the statement said.
“The full list of items is available on the Ghana Revenue Authority website www.gra.gov.gh,” he added.
The GRA urged the business community, especially importers, to take note of and comply with this guideline.