There is some major relief for businesses in Ghana following the decision by the government to scrap VAT on the import of some 64 commodities.
The Economic Management team of Ghana has also directed its revenue authority to immediately suspend the controversial exercise to disinfect export and import at the country’s ports.
The decision was arrived at after a crucial meeting between the government and stakeholders in the Capital Accra.
Some Business Associations such as the Ghana Union of Traders Association have complained about the recent hikes in levies at the port warning the fumigation exercise levy will increase cost of doing business.
“This suspension is pending an assessment of Harmonized code (HS Codes) for customs which were reviewed effective same date,” a statement signed by Ghana’s Information Minister Mustapha Hamid said.
The 64 commodity groups for which Import VAT is immediately suspended include items such as Mobile Phones, Electrical Transformers, Tractors for Agricultural Purposes, Solar Cells, Musical Instruments, Outboard Motors, Concrete Mortar Mixers and Day-Old Chicks.
“Further details of affected products will be outlined by the Ghana Revenue Authority (GRA) in due course. Government is grateful to all stakeholders for forthrightly participating in the engagement sessions and looks forward to a substantive resolution of the challenges faced by importers and shippers,” the statement concluded..
The Ghana Import and Exporters Association has described the latest action by government as a good one.
Source: Africafeeds.com
