Home / BUSINESS NEWS / GRA: Complete Reversal Of Benchmark Discount Policy On Goods And Vehicles Starts From January 1, 2023

GRA: Complete Reversal Of Benchmark Discount Policy On Goods And Vehicles Starts From January 1, 2023

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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.

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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.

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Any BOE that has been processed and tax bill duly paid before the effective date of the policy, will not be affected.

 

 

 

 

 

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