The Customs, Excise and Preventive Service (CEPS) may not hit its revenue target for this year, as actions taken by government to lessen the rising cost of living on the public would result in a potential revenue shortfall of GH¢65 million from its target of GH¢1,917 million. However, the service has taken various revenue enhancement measures to mitigate the challenges that would result from the projected revenue deficit, officials said at a press conference in Accra on Thursday. Two laws passed by Parliament - the Customs and Excise Petroleum Taxes and Related Levies Amendment Act 756, and the Customs, Excise Duties and Other Taxes Amendment Act 758 - came into effect on May 23 and June 16 2008 respectively to reduce the prices of some selected commodities. Under the Petroleum Taxes and Related Levies Amendment Act, excise duty on gas oil has been reduced from 9.1000 pesewas per litre to 6.2000 pesewas; kerosene from 6.4875 pesewas per litre to 4.5375; Marine Gas Oil from 6.4945 pesewas per litre to 3.9945 pesewas; while Premix fuel attracts no excise duty from a previous 5.1456 pesewas per litre. The Debt Recovery Levy on petroleum was also reviewed, with gas oil and marine gas oil that hitherto attracted 5.00 pesewas per litre now pegged at 2.50 pesewas per litre, with all levies on and premix fuel removed. Under the Duties and Other Taxes Amendment Act, import duties on rice, wheat, yellow maize and crude vegetable oils have been removed. However, the four items would continue to attract the Import VAT of 12.5 per cent, ECOWAS Levy of 0.5 per cent, Export Development Levy of 0.5 per cent and Inspection fee of one per cent. Mr. Emmanuel Doku, CEPS Commissioner, said the Service remained “undaunted” irrespective of the challenges it was envisaging to encounter as a result of the introduction of both laws. According to him, among measures taken to ensure CEPS generated enough revenue, was the service’s continuous interaction with and education of stakeholders to increase level of tax compliance and the increased training of it officers. Also CEPS has streamlined the auctioning process, where at least one or two auctions could be carried weekly. Mr Doku said the service was also reviewing it transit regime to strengthen it by introducing mobile patrol teams, development of intervening monitoring stations and the use of stackers for transporting vehicles on transit to reduce revenue loss. CEPS, he said, was establishing a Joint Customs Consultative Committee to create a forum for stakeholders to provide inputs into improvements in customs processes and compliance, adding that these measures would bring more transparency into the business and increase revenue. He appealed to importers and other stakeholders to cooperate with CEPS by complying with the Customs laws and regulations and to desist from smuggling. Source: GNA