Import duties are quoted in Cedis not Dollars – GRA

The Ghana Revenue Authority (GRA) has categorically refuted allegations suggesting that import duties are calculated in dollars.

Eric Boateng, the president of the Automobile Dealers Union, expressed his concerns about the impact of duties, particularly those imposed in dollars, on the businesses of second-hand car importers in Ghana during an interview with Bernard Avle on the Citi Breakfast Show on Wednesday, May 15.

But the GRA, in a statement released on Friday, May 17, labelled the allegations of calculating duties in dollars as “misleading” and urged the public to ignore them.

“The claims that GRA calculates duties in foreign currency are misleading and should be disregarded. The basis of calculation of duties is provided for in the Customs Act 2015, (Act 891).”

The GRA reiterated that duties and taxes are not quoted in foreign currency but in Cedis.

“The CIF value is then converted into Ghana cedis at the prevailing Bank of Ghana exchange rate. Rates of duty and other taxes are then calculated on the item in Ghana cedis. The duty and taxes are NOT quoted in foreign currency, but in CEDIS,” GRA explained.

The GRA further explained that the Cost, Insurance, and Freight (CIF) values are quoted in internationally convertible currencies such as dollars, euros, pounds sterling, and others.

“GRA wishes to clarify the issue as follows: Duties and taxes are computed based on the value of vehicles from the country of origin. In addition to the cost of vehicles, Insurance and Freight charges must be added to form the base for the calculation of duty and taxes.

“The Cost, Insurance and Freight (CIF) values are quoted in international convertible currencies such as dollars, euros, pounds sterling, etc.”

Source: citinewsroom

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