Monday, 24 January

GRA pushes back benchmark value discount reversal takeoff to Jan. 17

Business
The implementation will take off on Jan. 17

The Ghana Revenue Authority (GRA) has, again, delayed its implementation of the benchmark value discount reversal.

It now intends to roll it out on Monday, 17 January 2022.

The GRA explained in a statement that the second delay is aimed at ensuring a smooth take-off following several complaints received from importers and exporters in the country when the implementation started on 4 January, which forced a first delay of one day.

Additionally, the delay is to allow a storage-free period for vessels that discharged on 31st December 2021 to go through clearance without being affected by the reversal of the policy.

A statement from the GRA said effective Monday, 17 January 2022, any Bill of Entry (BOE) presented without payment of duty and other taxes or deposit of security (where it is a suspense cargo) will be affected by the policy.

A bill of entry, the GRA said, shall require reprocessing to be affected by the new policy.

This will include the following:

Where BOE tax assessment is accepted by declarant but tax bill has not been paid

Where BOE tax assessment is yet to be accepted by the declarant

Also, the GRA said for any assessed BOE that was affected by the earlier effective dates of 4th or 6th January 2022, a reprocessing will be required to reverse the effect of the policy on duty and taxes.

 

 

Source: classfmonline.com