No Result
View All Result
Tuesday, February 7, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    5 important things to know about the African Continental Free Trade Area agreement

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

    Ghana begins to locally manufacture its own bullion vans to combat robbery

    MTN’s aYo insurance covers over 8 million Ghanaians in 5 years

    AGI urges Govt. to effect favorable business policies

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

  • TECHNOLOGY

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    5 important things to know about the African Continental Free Trade Area agreement

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

    Ghana begins to locally manufacture its own bullion vans to combat robbery

    MTN’s aYo insurance covers over 8 million Ghanaians in 5 years

    AGI urges Govt. to effect favorable business policies

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

  • TECHNOLOGY

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Common External Tariff takes effect today

bycitibusinessnews
February 1, 2016
in Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Importers clearing goods at Ghana’s ports will from today be expected to pay tariffs common to other Economic Community of West African States (ECOWAS) member states.

It follows the implementation of the Common External Tariffs by the Ghana Revenue Authority (GRA) following the passage of the Customs Amendment Act, 2015 (Act 905).

The Common External Tariff is the single tariff rate agreed to by all member states of ECOWAS.

ADVERTISEMENT

This means that the same tariff will be charged on an eligible item imported into the ECOWAS sub-region, irrespective of which ECOWAS-member country it lands in.

The Principal Revenue Officer at the Ministry of Finance, Ben Ayensu Kwarfo tells Citi Business News the move will help revenue losses due to smuggling by some importers.

“Smuggling has negative impact on revenue because if let’s say rice for instance, Liberia has not implemented the CET so rice in Liberia now is 10 percent but it is 20 percent in Ghana so at least there is the incentive to smuggle and avoid the payment of taxes but with the implementation of the CET, the system is now open and fair because it is the same everywhere and I think it will impact positively on our revenue and also protect the local rice production,” He stated.

Meanwhile the Chief Revenue Officer at the Customs Division of the GRA, Dr. Okoh Appiah has been explaining to Citi Business News some aspects of the current clearance system not to be affected by the common external tariff.

“Here the agents or the importer, the clearance has gone for the CCVR and has put in a declaration and has paid duty before the effective date in that case he will be permitted to use the old system but there might be other instances but the IT system will have a way of catering for any such problems.

Dr. Okoh Appiah added,“If the person has out in a declaration but duty has not been paid then the person might have to go for a codes entry and then use the CET.”

GRA Guidelines

The GRA has also outlined the following guidelines to ensure the smooth change over to the use of the ECOWAS Common External Tariff.

All CCVRs issued which remain unutilized as of 31st January, 2016 shall be reissued to reflect the tariff changes with effect from 1st February, 2016.

With effect from 1st February, 2016, all declarations shall be passed using the new applicable tariff rates.

Declarations passed before 1st February, 2016 but which remain uncleared, shall be processed using the old rates.

Goods warehoused before 1st February, 2016 shall be ex-warehoused using the Common External Tariff rates.

Overage penalties shall continue to be charged at existing rates by user-definition.

Processing fees shall continue to be payable on zero-rated and exempt goods.

–

By: Pius Amihere Eduku/citifmonline.com/Ghana

Related Posts

5 important things to know about the African Continental Free Trade Area agreement

bycitibusinessnews

The African Continental Free Trade Area (AfCFTA) which unites the 55 members of the African Union (AU) and eight Regional...

Read more

Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

Pensioners to picket at Finance Ministry over DDE

Ghana begins to locally manufacture its own bullion vans to combat robbery

AGI urges Govt. to effect favorable business policies

Gold-for-oil: Govt spent $40m on first consignment – NPA

Encourage China to support Ghana’s debt restructuring – Akufo-Addo to Germany

Next Post

Ghana Gas Company board dissolved

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.