GRA to reverse benchmark discount policy on goods, vehicles from January 1, 2023

From January 2023, importers will no longer enjoy the 10% discount on vehicles and the 30% discount on goods shipped into the country. 

This comes after the Ghana Revenue Authority (GRA), in a statement, announced its decision to reverse discount on the Free on Board (FOB) value on goods and Home Delivery Value (HDV) on vehicles.

Parts of the statement reads, “government’s policy on discounts on import values are as follows; vehicles- zero percent discount instead of the prevailing ten percent discount. All other goods – zero percent discount instead of the prevailing thirty percent discount.”

The authority in the statement further explained that the move is in line with the 2023 Budget statement and Economic Policy.

According to GRA, reversing the benchmark value will help government accrue more revenue for the State.

Meanwhile, GRA  has disclosed that the policy change will not affect pre-arrival imports that have been processed and taxed.

Additionally, the authority stated that consignments released on December 31, 2022, will be given a storage-free term as a result of interim agreements. 

GRA further encouraged all sector commanders under the Customs Division to enforce the directive and ensure that copies of the directive are made available to their officers and all other stakeholders.

Background

The Benchmark Value Discount Policy was introduced in April 2019 by government in an attempt to make the Ghanaian ports competitive, reduce smuggling and increase government’s revenue from the port. 

The policy provided a discount of 50% on the delivery or benchmark values of imports with the exceptions of vehicles. 

The delivery values for vehicles were reduced by 30%.

Source: The Independent Ghana