Ghana Revenue Agency, GRA reverses import values discount on general goods and the Home Delivery Value (HDV) of vehicles will be the new way to go in the country come 2023.
The information made it to the public domain from the office of the Commissioner-General in Accra after the presentation of the budget statement and economic policy of the government for the year ending December 31, 2022.
GRA Reverses Import Values Discount: Further Insights
According to the Ghana Revenue Authority (GRA), starting from January 1, 2023., the 30% discount on import values of general goods and the 10% discount on HDV of used vehicles will also be affected.
The statement reads that all goods would continue to be appraised according to the World Trade Organization (WTO) valuation agreement, WTO Customs valuation compendium, and the Customs Act 2015 (Act 891) section 60 (used motor vehicles), and section 67 (general goods).
The public’s assistance and cooperation were requested.
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GRA To Begin A Complete Reversal Of Benchmark Discount Policy By Jan 1
In the same light, starting next year, importers will no longer 10% discount on vehicles and a 30% discount on all other goods.
According to a new directive by the Ghana Revenue Authority (GRA), there is going to be a complete reversal of the discount on the Free on Board (FOB) value of general goods and Home Delivery Value (HDV) on vehicles starting from January 1, 2023.
This move is under the 2023 Budget and Economic Policy through which the government hopes to generate more revenue for the State.
While addressing all sector commanders under the Customs Division sighted by Joy Business, the GRA implored them to ensure that copies of the directive are made accessible to their officers and all other stakeholders.
Officers are also directed to make sure that the directive is implemented.
Areas that will not be affected
It was also revealed that there will be transitional arrangements based on the update ‘GRA reverses import values discount’, giving a storage-free period for consignments released on December 31, 2022.
This means that the new directive will not affect them.
Also, all pre-arrival declarations processed and taxes remitted even when the goods are yet to arrive before January 1, 2023, will not be impacted by the reversal policy either.
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