Importers have a 24 hour window to clear goods before benchmarks are removed

Economic news for Wednesday 5 January 2022



President of the Association of Importers and Exporters. Samson Asaki Awingibit

The import benchmark will be removed by January 4

This means that some 43 items will no longer benefit from import discounts.

Meanwhile, GUTA and AGI have shared varying opinions on this reversal.

The president of the Association of Importers and Exporters, Samson Asaki Awingobit, revealed that the government has postponed the implementation of the reversal of the reference value until Thursday, January 6, 2022.

Speaking on Joy FM’s Midday News, Mr. Awingobit said, “I’m sure those who had their tax bill and couldn’t make a payment yesterday will be able to do so today.”

43 items are affected by this reversal, including the home delivery value of vehicles, goods to which reference values ​​are applied, and all other goods.

Meanwhile, importers have barely 24 hours to clear their goods at the port before the benchmarks are removed.

The government through Ghana Revenue announced that the cancellation of the reduction in import values ​​was to be implemented on Tuesday, January 4, 2022.

The development, which would affect around 43 selected articles, met with strong opposition from some unions.

This means that the home delivery value of vehicles will no longer be reduced by 30%.

In addition, the full value will apply without any reduction for all other goods, when the importer has an invoice with a value greater or less than the established transaction price database.

Restless importers across the country have dismissed the policy, saying it was forced on them with very little time to prepare.

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