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GRA suspends reversal of benchmark value indefinitely

The Ghana Revenue Authority (GRA) has announced the indefinite suspension of the benchmark reversal value discounts.

The benchmark value, which is the amount taxable on imports, was reduced by 50 percent for some goods.

The import value for cars was also reduced by 30 percent.

But, in a statement issued on Thursday, the Authority said the decision is to enable further engagements with all the relevant stakeholders.

“Following the outcome of a meeting held on Wednesday, January 12, 2022, the Customs Division of GRA has been directed to suspend the implementation of government’s policy directive on the removal or reduction of values of imports on selected items until further notice, to enable more engagements with all the relevant stakeholders,” part of the statement reads.

On January 2, 2022, the Customs Division of (GRA) issued a directive announcing the reversal of discounts on benchmark values, effective January 4.

Later on, the GRA said the implementation of the directive had been deferred to January 17.

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This directive did not augur well with the Ghana Union of Traders Association as they believed the reversal of the benchmark values will lead to an increase in prices of goods.

However, President Akufo-Addo on January 8, 2022, directed GRA to pull the breaks on the implementation of the reversal of the discounts on benchmark values.

This, he said is to deepen stakeholder engagements on the issue – a directive traders gladly welcomed.

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