The suspension of the implementation of the reversal of reduction of values of imports on selected items has been extended for a further two weeks, to Monday, January 17.
The extension, according to the Ghana Revenue Authority (GRA), is to allow for efficient transitional arrangements to be made to ensure a smooth implementation.
It is also to allow a storage-free period for vessels that discharged on December 31, 2021 to go through clearance without being affected by the reversal of the policy.
Although the implementation of the reversal took off on January 4, the GRA was compelled to temporarily suspend the action following challenges at the ports.
The initial suspension was to last 24 hours from January 5 to January 6, but before that could elapse, it was extended to January 17.
A statement from the GRA confirming the extension indicated that effective January 17, any bill of entry (BoE) presented without payment of duty and other taxes or deposit of security (where it is a suspense cargo) would be affected by the policy.
A BoE, according to the statement, shall require reprocessing to be affected by the new policy, while reprocessing would be required to reverse the effect of the policy on duty and taxes for any assessed BoE that was affected by the earlier January 4 or 6, 2022 period.
Before the announcement of the temporary suspension, freight forwarders had complained about the confusion the implementation of the decision was causing at the port.
The freight forwarders said the confusion had arisen because the directive was taking retrospective effect and that had not helped matters.
When the reversal took off last Tuesday, some of the freight forwarders who managed to process their items before January 1, 2022, said they had been instructed to restart the process for the new benchmark value to be applied.