Government reduces 50% benchmark value to 30%
Government has reduced the controversial benchmark value policy on general goods and import discount on vehicles from 50% to 30% and 30% to 10% respectively.
This reduction comes after a consensus between the Finance Minister, Ken Ofori-Atta, and the leadership of the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), Ghana Institute of Freight Forwarders [GIFF] and the Ghana Revenue Authority.
Government introduced the benchmark value policy discount in 2019, which is in accordance with the World Customs Organisation policy of regular review of valuation database.
The implementation of the reversal of the benchmark value policy was later suspended by the Ghana Revenue Authority (GRA) until further notice.
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In a statement issued on Thursday, 13th January, 2022, the authority said the decision was to enable further engagements with all the relevant stakeholders.
Reports indicate that, the government may implement the new adjustments in March 2022 as preparations are underway for a final announcement of the said day.
Meanwhile, the Ghana Union of Traders Association (GUTA), indicated that its first engagement with government and other stakeholders since the suspension of the reversal of the benchmark values was largely successful.
According to the President of GUTA, Dr. Joseph Obeng, in order to reach a win-win situation for both the association and other member associations including the Association of Ghana Industries, the trading community is reaching a compromise for a reduction in the discount value.
“The meeting has been largely successful. We are grateful to the Deputy Trade Minister in charge of Micro, Small and Medium Enterprises, Oheneba Dokua Asiamah-Adjei, for sitting with us and listening to our concerns regarding the benchmark values. It is clear our broader stakeholder engagement will result in a compromise of a sort that neutralises the entrenched positions of all business and trading associations in Ghana,” he pointed out.
