GRA scrape benchmark discount policy on goods, vehicles from Jan 1

Beginning on January 1, 2023, the Ghana Revenue Authority (GRA) will completely reverse the discount on the Free on Board (FOB) value of merchandise and the Home Delivery Value (HDV) of automobiles.

This development means starting next year importers will no longer receive a 10% discount on autos and a 30% discount on all other commodities.

The GRA said in a statement that the action is consistent with the government’s plans to increase state revenue as outlined in the 2023 budget and economic policy.

The GRA instructed the sector commanders to make sure that copies of the instruction are made accessible to their officers and all other stakeholders in a letter to all sector commanders under the Customs Division that was seen by Joy Business

It also instructed officials to implement the statement’s terms by making sure the direction is followed.

Consignments released on December 31, 2022, will be given a storage-free term as a result of interim agreements. This indicates that the new directive will not have an impact on them.

Additionally, the policy change will not apply to any pre-arrival declarations that have been processed or taxes that have been paid, even if the goods have not yet arrived as of January 1, 2023.

 

 

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