The Ghana Revenue Authority says it is yet to receive policy approval for the implementation of the 32 category of items that will be exempted from the 50 percent Benchmark Value policy.
It follows a letter forwarded to the Finance Minister, Ken Ofori Atta, signed by the Commissioner General, Rev. Ammishaddai Owusu-Amoah, on the matter.
A letter signed by the Assistant Commissioner in charge of Communication and Public Affairs, Florence Asante indicated that such policy approval, when obtained will be communicated during the 2022 Budget Statement presentation scheduled for Wednesday, 17th November, 2022.
“We wish to state that this document has not received policy approval for implementation. Such policy approval, when obtained will be communicated during the 2022 Budget Statement presentation scheduled for 17th November 2021.”
Even though the GRA has not reneged on its position in reversing the benchmark values, it says government will have the final say in the 2022 Budget Statement.
The Association of Ghana Industries (AGI) has kicked against the 50% Benchmark Value since its inception, arguing that the policy was killing local industries and Ghana’s quest to be an export-led economy.
The intent by the GRA is to rake in more revenue, but the importing community disagrees.
President of the Ghana Union of Traders Association, Dr. Joseph Obeng, predicts an increase in price of general goods and services, should the policy be abolished.
All items under the 32 categories include, sugar, noodles, palm oil, roofing sheets, toilet paper, facial tissue and towel, chocolates, Portland cement, clinker and mosquito coil.
Other items also include vehicles, ceramic tiles, aluminum products, cartons, textiles, fruit juices, among others.