BusinessNews

Reversal of Benchmark Values suspended indefinitely

The Ghana Revenue Authority (GRA) has suspended the implementation of the reversal of the 50% benchmark value.

The controversial Benchmark Values policy has been put on hold until further notice.

In a statement dated 13th January 2022, Commissioner for Customs Division of the GRA COL. Kwadwo Damoah (RTD) announced the indefinite suspension on the values of imports on selected items.

“Following the outcome of a meeting held on Wednesday 12th January 2022, the Customs Division of GRA has been directed to suspend the implementation of the 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,” a portion of the statement read.

President Akufo-Addo had earlier directed the Customs Division of the Ghana Revenue Authority (GRA) to suspend the policy after some industry players kicked against it earlier this year.

For instance, the directive did not sit well with the Ghana Union of Traders Association (GUTA) as they believed the reversal of the benchmark values will lead to an increase in prices of goods.

The directive, according to the government, was to create more room for broader stakeholder consultations on the subject.

 

Source: Myxyzonline.com|Ghana

Back to top button