{"id":695765,"date":"2019-08-30T16:12:11","date_gmt":"2019-08-30T16:12:11","guid":{"rendered":" <br><div data-io-article-url=\"https:\/\/www.adomonline.com\/govt-to-review-benchmark-value-in-next-years-budget\/\">\n            <div class=\"td-post-featured-image\"><img width=\"696\" height=\"464\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghana-mma.co"},"modified":"2019-08-30T16:12:11","modified_gmt":"2019-08-30T16:12:11","slug":"govt-to-review-benchmark-value-in-next-years-budget","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/08\/30\/govt-to-review-benchmark-value-in-next-years-budget\/","title":{"rendered":"Gov\u2019t to review benchmark value in next year\u2019s budget"},"content":{"rendered":"<p><\/p>\n<div data-io-article-url=\"https:\/\/www.adomonline.com\/govt-to-review-benchmark-value-in-next-years-budget\/\">\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"464\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/ghanamma.com\/wp-content\/uploads\/2019\/08\/Kwaku-Kwarteng-696x464.jpg\"   alt=\"\" title=\"Kwaku Kwarteng\"\/><\/div>\n<p>Government is likely to make changes to the custom policy introduced<br \/>\nin April 2019 which saw a reduction in benchmark values on some goods<br \/>\ncleared at the ports.<\/p>\n<p>This has become necessary due to feedback received from stakeholders<br \/>\nthat the policy has not been effective and has fallen short of purpose.\u00a0<\/p>\n<p>Deputy Minister of Finance, Kweku Kwarteng in an interview at a<br \/>\nstakeholders engagement on the 2020 budget, disclosed that as<br \/>\ndiscussions are still ongoing regarding the policy, the government will<br \/>\naddress the concerns in the 2020 budget which is expected in November.\u00a0<\/p>\n<p>According to Kweku Kwarteng, the feedback has been taken and as a<br \/>\nlistening government, it is preparing to address them as well as<br \/>\nreviewing some of the reliefs announced in the main 2019 budget.<\/p>\n<p>He said, \u201cIn the next year\u2019s budget, we have no plans to introduce<br \/>\nnew taxes but we will review some of the reliefs given in the previous<br \/>\ntax especially the Benchmark value reduction; because we\u2019re getting<br \/>\nfeedback from domestic manufacturers that this policy is<br \/>\ncounterproductive and we\u2019re taking a close look at that so that in the<br \/>\nnext budget we will address all concerns and review some of them.\u201d<\/p>\n<p>He also disclosed that though the government is struggling to meet<br \/>\nits revenue targets, there are no plans to introduce any new tax policy<br \/>\nin the 2020 budget. This is because it is finding an innovative solution<br \/>\n to the Revenue mobilization challenges.<\/p>\n<p>\u201cWe\u2019re pushing to meet the target but we\u2019re also happy that the<br \/>\nvarious interventions are leading to an expansion in economic activity<br \/>\nacross the country,\u201d he added.<\/p>\n<p>Benchmark values were introduced as a risk mechanism by Customs to  allow it to independently authenticate the international transactional  values of products presented by importers for clearance at the country\u2019s  ports.<br \/>\u00a0<br \/>The implementation of the reduction in the benchmark values of 50 per  cent for general imports and 30 per cent home delivery value (HDV) for  vehicles came into effect on April 5, 2019, after persistent calls by  the trading public on high import duty rates at the country\u2019s ports.<br \/>\u00a0<br \/>While the 30 per cent discount for vehicles took immediate effect with  the announcement of the policy, the 50 per cent announced for general  imports, on the other hand, has not seen a smooth implementation because  of the large volumes of the commodities.<\/p>\n<p>Source: Joy Business<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Government is likely to make changes to the custom policy introduced in April 2019 which saw a reduction in benchmark values on some goods cleared at the ports. This has become necessary due to feedback received from stakeholders that the policy has not been effective and has fallen short of purpose.\u00a0 Deputy Minister of Finance, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":695766,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-695765","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Gov\u2019t to review benchmark value in next year\u2019s budget - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/08\/30\/govt-to-review-benchmark-value-in-next-years-budget\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov\u2019t to review benchmark value in next year\u2019s budget - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Government is likely to make changes to the custom policy introduced in April 2019 which saw a reduction in benchmark values on some goods cleared at the ports. 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