Importers get 24-hour window to clear goods before benchmark values are scrapped

Benchmark value on imports to be scrapped by Jan 4

This means that some 43 items will no longer enjoy discounts on imports

Meanwhile GUTA and AGI have shared varied opinions on this reversal

President of Importers and Exporters Association, Samson Asaki Awingobit, has disclosed that government has rescheduled the implementation of the benchmark value reversal for Thursday, January 6, 2022.

Speaking on Joy FM’s Midday News, Mr. Awingobit said, “I’m sure that those who had their tax bill and could not make payment yesterday will be able to do that today.”

43 items are to be affected by this reversal, including the home delivery value of vehicles, goods on which benchmark values are applied, and all other goods.

Meanwhile importers have barely 24-hours to clear their goods at the port before the benchmark values are scrapped.

Government through the Ghana Revenue announced that the reversal of the reduction of values of imports was to be implemented on Tuesday, January 4, 2022.

The development which would affect about 43 selected items was met with fierce opposition from some trade unions.

This means the Home Delivery Value of vehicles will no longer be discounted by 30%.

Also, the full value shall apply without any reduction for all other goods, where the importer has an invoice for which the value is higher or lower than the established Transaction Price Database.

Agitated importers across the country have rejected this policy saying it was sprung on them with very little time to prepare.