President Nana Addo Dankwa Akufo-Addo has directed Customs Division of Ghana Revenue Authority (GRA) to immediately suspend implementation of benchmark values reversal for broad consultation.
Prior to the directive from the President, the Ghana Revenue Authority (GRA) 7had deferred the implementation of the reversal of the benchmark value policy for two weeks as a result of misunderstanding that characterised the implementation.
The suspension which was sheduled to be lifted on January 17, 2022, was to allow importers who got their duty bill before December 31, 2021, to successfully clear their goods within the period.
This was the second time the GRA has deferred the implementation of the Policy with explanation that the transitional arrangements are to ensure a smooth implementation.
It was then sheduled that effective Monday, January 17, 2022, any Bill of Entry (BOE) presented without payment of duty and other taxes or deposit of security will be affected by the policy. A bill of entry shall require reprocessing to be affected by the new policy.
The implementation of the reversal of the benchmark value on some 43 imported items initially took effect on Tuesday, January 04, 2022.
The GRA, however, suspended the implementation for 24 hours on Wednesday, following concerns raised by some importers over difficulties in clearing their goods after completing the required processes before January 4.
The policy has since been met with divided opinions over its appropriateness among industry players and stakeholders.
Whereas the Association of Ghana Industries, AGI, supports the reversal of the benchmark value to reduce importation and boost local industries, the Ghana Union of Traders Association (GUTA) and freight forwarders hold contrary position, fearing that the move will increase charges at the Port and affect prices of imported products.
Minister of Finance, Ken Ofori-Atta yesterday met the leadership of GUTA, AGI, and Importers and Exporters Association to listen to their concerns.
The Ministry is expected to announce its final decision on the implementation of the policy after meeting the stakeholders.
On Saturday January 8, 2022, President Akufo-Addo after keenly following the arguments on the implementation of the policy and per the advise of the Finance Minister has asked the GRA to suspend the implementation for broader consultation.
By Vincent Kubi