Business News of Friday, 23 March 2018
The government has instructed the Ghana Revenue Authority to immediately stop the charging of import VAT on some 64 commodities including condoms (sheath contraceptives).
The directive follows a meeting by the Economic Management Team headed by the Vice President Dr. Mahamudu Bawumia on Wednesday, March 21, 2018 after an extensive consultation with various stakeholders.
The Import VAT on the 64 commodity groups came into effect March 1, 2018, leading to an unintended hike in import charges.
“This suspension is pending an assessment of Harmonized code (HS Codes) for customs which were reviewed effective same date,” a statement signed by the Information Minister Mustapha Hamid said.
The 64 commodity groups for which Import VAT is immediately suspended include items such as Mobile Phones, Electrical Transformers, Tractors for Agricultural Purposes, Solar Cells, Musical Instruments, Outboard Motors, Concrete Mortar Mixers and Day-Old Chicks.
The statement also announced that “the proposed ‘fumigation levy’ for shippers be indefinitely suspended.”
“Further details of affected products will be outlined by the Ghana Revenue Authority (GRA) in due course. Government is grateful to all stakeholders for forthrightly participating in the engagement sessions and looks forward to a substantive resolution of the challenges faced by importers and shippers,” Mr. Hamid concluded.