{"id":1081448,"date":"2022-05-09T15:12:40","date_gmt":"2022-05-09T15:12:40","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/05\/09\/ghana-revenue-authority-expects-2-5-billion-cedis-revenue-from-benchmark-value-reduction\/"},"modified":"2022-05-09T15:12:40","modified_gmt":"2022-05-09T15:12:40","slug":"ghana-revenue-authority-expects-2-5-billion-cedis-revenue-from-benchmark-value-reduction","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/05\/09\/ghana-revenue-authority-expects-2-5-billion-cedis-revenue-from-benchmark-value-reduction\/","title":{"rendered":"Ghana Revenue Authority expects 2.5 billion cedis Revenue from benchmark value reduction"},"content":{"rendered":"

<\/p>\n

\n Accra, May 9, GNA – The Commissioner of Customs Division Ghana Revenue Authority, Colonel Kwadwo Damoah, says government will rake in about 2.<\/p>\n
\"\"<\/div>\n
5 billion cedis this year following the reduction in the benchmark value.<\/div>\n
The expected revenue is however dependent on volumes of imports that come into the country and the impact from the Russia-Ukraine conflict.<\/div>\n
\u201cIf we had implemented the cut from beginning of the year, we would expect to gain about GH\u00a23billion; but because we started from March we lost out on that, so maybe about GH\u00a22.5 billion; that is our expectation. That is if volumes of imports remain the same,\u201d he said.<\/div>\n
Government reduced the discounted duty on imports from 50 percent to 30 percent for general goods and 30 percent to 10 for vehicles in March this year.<\/div>\n
Speaking at a sensitisation workshop organised in collaboration with the Association of Ghana Industries (AGI), Colonel Damoah said government was looking at a gradual withdrawal of the policy.<\/div>\n
The meeting with AGI members was to discuss the impact of recent initiatives, including the discount values on goods and services, GRA taxpayers\u2019 portal, the 4 percent flat rate and E-levy.<\/div>\n
The recent reduction in the benchmark discount under the first phase of the policy\u2019s two-phase review approach, importers had argued for a retention of the policy at the 50 percent rate in order to keep prices of imported products stable.<\/div>\n
However, the AGI called for total removal of the discounted duty, arguing that it was making locally produced products uncompetitive.<\/div>\n
\u201cThe reduction was a win-win situation for everyone; but, of course, this is phase-one,\u201d the Customs Commissioner said.<\/div>\n
He hinted at a further review of the policy next year.<\/div>\n
\u201cThe phase-two will take off from next year, but we will have to do more engagements during the last quarter of this year to be able to come up with the exact nature of the review; whether the remaining percentages or discounts are going to be taken off completely; or just as was done in the first phase, reduced by a certain percentage.<\/div>\n
\u201cThat, I\u2019m not in position to tell now; but it will be based on a directive from the Ministry of Finance and engagement with stakeholders to find the best way out for the country.\u201d<\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Accra, May 9, GNA – The Commissioner of Customs Division Ghana Revenue Authority, Colonel Kwadwo Damoah, says government will rake in about 2. 5 billion cedis this year following the reduction in the benchmark value. The expected revenue is however dependent on volumes of imports that come into the country and the impact from the […]<\/p>\n","protected":false},"author":1,"featured_media":1081450,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1168,202,3659,1457,12648,85,2544,2023],"class_list":["post-1081448","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-authority","tag-benchmark","tag-billion","tag-cedis","tag-expects","tag-ghana","tag-reduction","tag-revenue"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1081448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1081448"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1081448\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1081448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1081448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1081448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}