New benchmark values to help exceed GHS 80bn revenue target – GRA
The Ghana Revenue Authority (GRA) has said the new benchmark values will help it [GRA] exceed its revenue target for 2022.
According to the tax authority, the 20% reduction in the benchmark values for general goods and vehicles imports will not hinder the attainment of the GHS 80.3 billion revenue target for this year.
According to Dr. Martin Yamborigya, the Assistant Commissioner at the large taxpayer office of the GRA, the reduction will rather result in an increase in the authority’s revenue target.
“It wouldn’t affect, it would rather increase the revenue target, in the sense that the value based on which your duties would be paid, because of the reduction, would rather go up a little,” he said this in an interview on Wednesday, March 16, 2022.
He, however, acknowledged the fact that the slight increase in duties may reduce the number of imports into the country.
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“So we are expecting that we should be able to get more revenue than its cancellation. The only thing that people say is, maybe when the duties are high, people may not import,” he added.
Government announced in 2019 that benchmark values for some general goods would be reduced by 50% and for vehicles by 30%.
This was to stimulate traffic at the port and therefore enhance government revenue.
Not too long ago, the government decided to repeal the benchmark values but was met with stiff opposition from trade unions such as the Ghana Union of Traders Associations (GUTA).
Due to the kickback from the trade unions, the policy was rather reduced by 20% to 30% and 10% for selected goods and vehicles respectively.
The new benchmark values took effect on March 1, 2022
