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

    DDEP: Government hopeful bondholders will register for programme

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

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    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

  • 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

    DDEP: Government hopeful bondholders will register for programme

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

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    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

  • 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

GRA welcomes reduction in import values

byMarian Efe Ansah
April 5, 2019
in Business, Local Economy
Share on FacebookShare on TwitterShare on Whatsapp

The Ghana Revenue Authority (GRA) says it is hopeful that the announcement of the reduction of the benchmark values on some goods at the port will help the authority meet its financial target for the year.

Last year, the GRA was not able to meet its revenue forecast.

The Vice President, Mahamudu Bawumia at a town hall Meeting on Wednesday announced that government will reduce benchmark import values at Ghana’s ports by 50 percent and 30% for cars effective Thursday, April 4, 2019.

ADVERTISEMENT

[contextly_sidebar id=”tuC9JuNzPMnAYtqoj5dNUyfMYwxt26wA”]Speaking to Citi News, the Chief Revenue Officer at the Communications and Public Affairs of the GRA, Johnson Yankey said the decision would help increase the number of goods brought to the port.

“The long term expectation is that we want the volumes to increase at our ports.  If the goods don’t come, we won’t get the revenue. So it is better to reduce the duties. I agree with the government for reducing the duties but it is about the benchmark. If this year we are not able to meet the target, I am hopeful we will get close to it because a lot of people will bring their goods,” he said.

Citi News checks at the Tema Port revealed that the customs division of the GRA has already started implementing the directive.

We’ll reduce import values by 50% – Bawumia

The government had announced a reduction in the benchmark import values at Ghana’s ports by 50% to reduce smuggling of good into the country.

“To reduce the incidence of smuggling and enhance revenue, the benchmark delivery values of import will be reduced by 50%. However for vehicles, the reduction will be 30 per cent,” said the Vice President at a town hall meeting.

This decision followed calls from groups like Ghana Union of Traders Associations (GUTA) for a review of the high taxes and duties on imported items.

Mr. Bawumia expressed concern over what he called exorbitant port charges, saying “many port charges are a percentage of the value of the goods and this makes them exorbitant and highly unjustifiable. Why should the cost of scanning a container, a vehicle examination fee, a network charge be a percentage of the value of goods in the container?”

“We have a very archaic practice when importers are unable to pay their duties, their cars and commodities are confiscated and auctioned off very cheaply. Often much less than the duty owed. For importers, the choice is clear that there is an increasing diversion of trade away from Tema Port and the smuggling of many items into Ghana is very tempting,” said the Vice President.

–

By: Nii Larte Lartey | citinewsroom.com | Ghana | nlartelartey@gmail.com

Related Posts

Local Economy

DDEP: Government hopeful bondholders will register for programme

bycitibusinessnews

Government is optimistic all bondholders will sign up for the Domestic Debt Exchange Programme, as registration unto the programme expires...

Read more

Nigeria ranks number one globally for cryptocurrency usage and ownership

DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

Pensioners to picket at Finance Ministry over DDE

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

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

Next Post

GRA starts implementation of 50% slash on import values

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.