The removal of discount on benchmark values took effect today, January 4, 2022 as earlier indicated by a press statement from the Ghana Revenue Authority.

The removal of the benchmark values will affect the values of some 43 selected items.

The items to be affected include; the home delivery value of vehicles, goods on which benchmark values are applied and all other goods.

This means Home Delivery Value of vehicles will no longer be discounted by 30%.

Also, the full value shall be applied without any reduction for all other goods, where the importer has an invoice and the invoice value is higher or lower than the established Transaction Price Database.

But GUTA President, Dr Joseph Obeng has warned that this policy will disrupt Ghana’s distribution sector.

Playback: PM Express discuss impact of removal of discount on benchmark values

In a press statement expressing his misgivings about the policy, Dr. Obeng added that scrapping the policy will be suicidal, saying the policy brought relief to the trading community, sanity into the system and eased tension and agitations amid the impact of the coronavirus on cross-border trade.

“Any attempt to remove this good policy of the government that brought relief will be suicidal for the state because it will not only collapse businesses, but also cause an unbearable rise in prices of goods and services beyond the reach of consumers, especially low-income earners and the unemployed,” he warned.

Tonight on PM Express, host, Ayisha Ibrahim will be joined by the President Elect of the AGI, Dr. Humphrey Ayim-Darke, Economist Dr. Patrick Opoku Asuming, and the General Secretary of the General Agricultural Workers’ Union, Edward Kareweh to discuss the impact of the policy.

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