Category: Local Economy
-
GUTA welcomes ‘temporary’ suspension of reversal of benchmark value discounts
The Ghana Union of Traders Association (GUTA) has welcomed the announcement by the government for the Ghana Revenue Authority (GRA) to suspend the implementation of the benchmark value discounts. President Akufo-Addo on Saturday directed the GRA to stay the rollout of the policy until January 17, 2022, to allow for broader stakeholder engagement. As part…
-
Benchmark value discounts reversal: 10-day deferment period not enough – Importers & exporters
The Importers and Exporters Association of Ghana has rejected the 10-day period for the deferment of the implementation of the reversal of the benchmark value discounts. The association explains that the 10-day period is not enough for their members to clear their goods that arrived in the country’s port ahead of the initial implementation date…
-
Implementation of revised benchmark values policy deferred again to Jan. 17
The Ghana Revenue Authority (GRA), has for the second time deferred the implementation of the reversal of reduction of values of imports (known as Benchmark Values) on selected items, to Monday 17, January 2022. The authority explains that the transitional arrangements are to ensure a smooth implementation. It is also to allow a storage free…
-
Vehicle importers urge government to prioritize scrapping nuisance taxes affecting them
The Automobile Dealers Union of Ghana, Importers of vehicles into the country say a recent engagement between the Finance Ministry and stakeholders within the trading space on the issues surrounding the reversal of the reduction in benchmark values policy, will not amount to much. The said meeting which was held on Thursday, January 6, 2022,…
-
Importers call for a 2-week deferment of implementation of revised benchmark policy
The Importers and Exporters Association of Ghana is calling for a minimum of a 14-day deferment of the implementation of the reversal of the reduction in benchmark values policy, by the Ghana Revenue Authority (GRA). According to the GRA, implementation of the revised policy will now start on Thursday, the 6th of January, 2022, to…
-
Benchmark policy reversal implementation issues to cause rift between agents and importers – IEAG
The Importers and Exporters Association of Ghana is warning of a rift between freight forwarders and their clients if the challenges with the implementation of the reversal of the reduction in benchmark values policy as witnessed yesterday continue. The government’s reversal of the 50% discount in the benchmark values of some imported goods and 30%…
-
Freight forwarders kick against retrospective application of benchmark value reversal
Some freight forwarders are protesting over attempts by the government to retrospectively apply the restored benchmark value in the computation of duties at the ports. The government’s reversal of the 50% slash on duty on some imported goods and 30% reduction on cars is expected to take effect today, Tuesday, [January 4, 2022]. But some…
-
Benchmark value: Give concessions to imported raw materials not items produced in Ghana – AGI
As the implementation of the reversal of discounts on Benchmark values Policy begins, the Association of Ghana Industries (AGI) is calling for a stay of execution on the reversal on raw materials which cannot be sourced locally. The government announced the decision to scrap discounts on benchmark values in the 2022 budget as part of…
-
Prices to go up by 50% with reversal of benchmark values policy – GUTA
The Ghana Union of Traders Association is warning of a steep increase of about 50% in the prices of some major goods imported into the country if the Ghana Revenue Authority (GRA) goes ahead with the implementation of the government’s policy directive on the reversal of the reduction of values of imports on selected items,…
-
CFA Society GH urges members to abide by code of ethics
The Chartered Financial Analyst Society Ghana is urging all players in the investment space to abide strictly by the code of ethics to avert any situation that could lead to another financial sector clean-up. The financial sector cleanup exercise which began in 2017 led to the revocation of licenses of 53 Fund Management Companies. The…