Reversal of 50% benchmark value policy commences on November 15 – Citi Business News

Effective Monday, November 15, revised selected items cease to enjoy 30% and 50% discount on benchmark or invoices for vehicle and general goods.

The items include, sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.

Other items also include vehicles, ceramic tiles, aluminum products, cartons, textiles, fruit juices, among others.

The Ghana Revenue Authority (GRA) in a letter forwarded to the Finance Minister, Ken Ofori Atta, signed by the Commissioner General, Rev. Ammishaddai Owusu-Amoah, revealed that the move is informed by an agreement reached with the business community to, as it where,to generate more revenue.

It will be recalled that as part of efforts to reduce the menace of smuggling and make the country’s ports more competitive and attractive, government on 4th April 2019, reduced the benchmark value or delivery values of imports, by 50%, except for vehicles which were to be reduced by 30%.

But in recent times, many stakeholders have called, like GUTA have urged government not to scrap the 50% reduction in benchmark values as the reversal will adversely affect their businesses.

Recently, the Association of Ghana Industries (AGI) called for a review of the 50% benchmark value reduction policy to align with the country’s industrialization drive.

According to the AGI, imports which come to compete with locally manufactured products be exempted from the policy, saying government must cushion local products for which there is local production capacity.

Don’t reverse the 50% reduction in benchmark values – GUTA appeals

Earlier this year, the Ghana Union of Traders Associations (GUTA) appealed to abort plans to scrap the 50% reduction in benchmark values.

GUTA insists that, if the reversal is carried through, it will adversely affect their businesses.

President of GUTA, Dr Joseph Obeng says such a move would be insensitive to the trading community looking at their current predicament compounded by the outbreak of COVID-19.

 

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