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05.04.2019 General News

Import Benchmark Reduction Illegal—Ato Forson

By Staff Writer
Cassiel Ato Forson says the real impact of the policy is 5% reduction in duties and not 50%.
APR 5, 2019 GENERAL NEWS
Cassiel Ato Forson says the real impact of the policy is 5% reduction in duties and not 50%.

His comments are in reaction to Vice President Mahamudu Bawumia announcing a reduction in the benchmark value of import duties at all of the country’s ports.

Speaking at a Town Hall Meeting by the government’s Economic Management Team in Accra, he said benchmark value of import duties had been slashed by 50 percent while importers of vehicles will enjoy a 30 per cent reduction.

“This means, for example, if a container was previously assessed for duty at a value of $20,000, it will now be assessed at a value of $10,000. We expect that the higher volumes of at least 50% annually and increase customs revenue,” the Vice President, who is Head of the EMT, explained.

Read more: Benchmark value of import duties slashed by up to 50%

However, the Ajumako-Enyan-Esiam MP, Ato Forson is questioning the reasoning behind the implementation of the policy by the Akufo-Addo government.

The real impact of the policy, per his calculation, is 5% of the import value which he said will not be that significant to the importer.

“This benchmark valuation will not affect import valuation by 50% of 30%...the impact per my calculation, will not exceed 5%,” he imagined.

Even that 5% relief will be eroded should the local currency continue to slump in value compared to other major trading currencies.

---Myjoyonline

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