GRA yet-to-be granted approval for reversal of 50% benchmark policy

The revenue arm of government, GRA has said it is yet to be granted approval for implementation of a reversal of 50% Benchmark Value policy on 32 categories of items.

The development comes following a letter signed by the GRA Commissioner, Ammishaddai Owusu-Amoah and forwarded to the Minister of Finance, Ken Ofori-Atta after an agreement was reached by the business community to allow the revenue arm of government to rake in more revenue.

Despite the revelation having been met with some discontent by the Ghana Union of Traders Association among others, the GRA has explained it is yet to receive approval to roll out the move.

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.”

Meanwhile, the move b will mean that 32 categories which are presently enjoying discounts on port clearing, will no longer be granted the special dispensation.

The GRA despite its current stance indicate that the final decision on reversing the benchmark values will be determined by the government through the Ministry of Finance and Economic Planning.

The sector Minister, Ken Ofori-Atta is however expected to deliver the 2022 budget statement before Parliament on Wednesday November 17, 2021.