Reversal Of Benchmark Value Takes Effect Today
The reversal of the reduction of the benchmark value, also known as discount policy on selected imported products, is taking effect today, Tuesday, January 4, 2022.
The policy which was announced in the 2022 budget by the Finance Minister, Mr. Ken Ofori Atta, will be implemented by the Customs Division of the Ghana Revenue Authority (GRA).
The 43 selected items to be affected by the policy have been categorized into; the home delivery value of vehicles, goods on which benchmark values are applied, and all other goods, the GRA announced in a statement.
The GRA on that note entreated importers to take note of the new policy and comply accordingly.
The Finance Minister, in April 2019, directed the reduction of the benchmark value or delivery values of imports, by 50%, except for vehicles which were to be reduced by 30%.
This was in accordance with the World Customs Organization’s policy of regular review of valuation databases. Under this policy, certain commodities are benchmarked to the prevailing world prices as a risk management tool to reflect the true management dynamics of these commodities.
Source: opemsuo.com/Hajara Fuseini
