Ghana Revenue Authority (GRA) enlightens Ghanaians on customs valuation on goods

By InstinctBusiness Nov 4, 20220

The Ghana Revenue Authority (GRA) has explained that customs valuation primarily relies on the first (1st) out of the six (6) methods of valuation provided under the WTO valuation methods, which is the Transactional value.

A statement issued by GRA to the public said Goods are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics of those commodities.

“The Ghana Revenue Authority (GRA) wishes to clarify issues surrounding the application of benchmark values in determining Customs values for duty purposes.

Customs valuation is based on the General Agreement on Trade & Tariff (GATT), Article VII which is adhered to by all member countries of the World Trade Organization (WTO). This has been captured under Section 67 & 68 of the Customs Act 2015, Act (891).

Customs valuation primarily relies on the first (1st) out of the six (6) methods of valuation provided under the WTO valuation methods, which is the Transactional value.

However, where the Customs values cannot be determined under the first method of the WTO methods of valuation, some risk management tools allowed by the laws and procedures are used to determine the value under Methods 2 to 6 of the WTO methods. This includes the use of reference price list otherwise known as the Benchmark Values.

Goods are benchmarked to the prevailing world prices as a risk management tool, to reflect the true market dynamics of those commodities. The Benchmark Values are not meant to replace or substitute transactional values. They are only used when the conditions for the acceptance of the Transactional values are not met.” The statement read

“The GRA therefore wishes to inform the general public that, Customs valuation is based on international best practices, procedures and treaties that Ghana has acceded to and passed into the Customs Act.

We wish to inform members of the trading community that they have a right to appeal to the Commissioner-General for a possible review of any Customs valuation they deem unfair.” The statement added

Source: Citinewsroom.com