The Ghana Revenue Authority (GRA) has announced a complete reversal of the discount on the Free on Board (FOB) value of general goods and Home Delivery Value (HDV) on vehicles from January 1, 2023.
This means importers will not enjoy anymore 10% discount on vehicles and 30% discount on all other goods from next year.
According to the GRA, the move is in line with the 2023 Budget and Economic Policy via which the government intends using to accrue more revenue for the State.
In a statement to all sector commanders under the Customs Division sighted by Joy Business, the GRA urged the commanders to ensure that copies of the directive are made available to their officers and all other stakeholders.
It also advised officers to apply the provisions in the statement by ensuring the directive is enforced.
Meanwhile, there will be transitional arrangements that provides a storage-free period for consignments discharged on December 31, 2022. This means they will not be affected by the new directive.
In addition, all pre-arrival declarations processed and taxes paid even when the goods have not arrived before January 1, 2023 will not be affected by the reversal policy.
Per Section 48 of the Customs Act 2015 (Act 891), the criteria for the implementation of the discount reversal in the Integrated Customs Management Systems (ICUMS) is based on the validation of the Bill of Entry (BOE) and tax bill payment date.
Any BOE that has been processed and tax bill duly paid before the effective date of the policy, will not be affected.
Latest Stories
-
MGL visits Dumor family following passing of Mawuena Trebarh
11 mins -
In Pursuit of Peace and Unity: Interfaith Leaders Promote Dialogue – Chief Doli-Wura to Africa Union
33 mins -
TEWU raises concern over quality of food served in SHS
1 hour -
Ghanaian students gear up for Robotics World Championship
2 hours -
Political interference makes public sector managers appear incompetent – Dr Manteaw
2 hours -
Police arrest truck driver alleged to have caused train crash
2 hours -
CAF Confederation Cup: Dreams FC depart to Cairo ahead of semis first leg against Zamalek
2 hours -
Liverpool exit Europa League despite 1-0 win over Atalanta
2 hours -
Roma beat Milan to set up Bayer Leverkusen clash in Europa League semis
2 hours -
Mohammed Kudus’ West Ham suffer Europa League elimination
2 hours -
Madam Joyce Oparebea Mintah Addae
3 hours -
Fiscal deficits and debts to remain high over medium term – IMF
3 hours -
Kenyan military chief among 10 people killed in helicopter crash
3 hours -
Insinuating Bagbin is not heeding calls for recall because he is NDC unfounded and unfortunate – Parliament
5 hours -
Ashanti, Nelly are engaged and expecting a baby
6 hours