Tag: 50 percent reduction in benchmark values
-
Government set to announce a gradual reversal of Benchmark Value Reduction Policy
A deputy minister for Finance, Mrs Abena Osei-Asare has hinted at a pending announcement of a roadmap for a gradual reversal of the Benchmark Value Reduction Policy. The reversal of the Benchmark value reduction policy was met with stiff resistance from the trading community who threatened an astronomical hike in the price of imported goods…
-
Peasant farmers petition Minority over challenges of local rice industry
The Peasant Farmers Association and the Rice Farmers Association have petitioned the Minority in Parliament over the state of the local rice industry. According to the Executive Director of the Peasant Farmers Association, Dr. Charles Nyaaba, the reduction in benchmark values on imported goods is serving as an indirect subsidy for imported rice which is…
-
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…
-
Rice Millers Association angry over exclusion from benchmark policy reversal
The Rice Millers Association of Ghana has expressed its disappointment over government’s failure to exclude rice from the recently reversed 50% benchmark value reduction policy The association had long advocated a reversal of the policy saying such a move will help in improving the fortunes of the local rice industry. According to the Rice Millers…
-
GUTA calls on members to reject plans to reverse 50% benchmark value reduction policy
The leadership of the Ghana Union of Traders Associations (GUTA) has asked its members to reject plans to reverse the benchmark value reduction policy. This follows a communique sighted from the Ghana Revenue Authority which indicated the intended cancellation of the discounts on Benchmark Values for vehicles and general goods from the 15th of November…
-
50% reduction in benchmark values crippling agric sector – Rice millers
The Ghana Rice Millers Association of Ghana says the 50% reduction in benchmark values did not benefit the consuming public and is therefore calling for it to be scrapped. According to the group, the rebate government introduced only enriched importers and did not reflect a reduction in the price of goods on the market. Yaw…