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West Africa

GRA Insist 50% Benchmark Value On Imports Still In Force

The Ghana Revenue Authority has dismissed claim that it has been directed by the Ministry of Finance to reverse the 50% benchmark value on imports.

According to the Authority, the benchmark value policy also known as the discount policy continues to be implemented as originally announced by the Vice President, Dr. Alhaji Mahamudu Bawumia.

It will be recalled that the Finance Minister, Ken Ofori Atta had in early 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 part of efforts to reduce the menace of smuggling and make the country’s ports more competitive and attractive.

However, a statement issued by the Ghana Revenue Authority states that, “the attention of the Ghana Revenue Authority (GRA) has been drawn to a letter making the rounds in the media on the ‘Benchmark’ value reduction policy (the discount policy).”

“The Ghana Revenue Authority wishes to state that, “the said document with the list of items at both the heading and sub-heading levels of the HS code is an internal document analyzing the impact of the discount policy on our revenue collection with regards to those items as well as the impact on local industries, public health safety and the environment.”

It further notes that “the internal analysis was not approved by the Central Government and is thus applicable.”

Meanwhile, Member of Parliament for South Dayi, Rockson-Nelson E.K. Dafeamekpor, has asked the Ministry of Finance to seek parliamentary approval before directing the Ghana Revenue Authority, GRA, to reverse the 50% benchmark value reduction.

He said the move would be an illegality if it is implemented, as it has not been sanctioned by Parliament.

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