Dr. Mahamudu Bawumia, the Vice President and NPP Presidential Candidate, has unveiled a new policy aimed at bringing greater predictability to import duty payments.
Speaking at a ‘Bawumia Hosts the Media’ event in Accra on Sunday, he outlined plans to introduce a flat rate for various categories of imported goods, a move designed to streamline customs procedures and eliminate the discretion currently exercised in import duty assessments.
Dr. Bawumia emphasized that the introduction of a flat rate system will provide importers with certainty regarding the duties they will incur, regardless of fluctuations in exchange rates or other variables.
“If you are importing a 40-foot container of spare parts, you will know exactly what the duty will be—whether it's 20,000 cedis, 15,000 cedis, or 30,000 cedis. This flat rate will apply across different categories of goods, ensuring that there is no confusion or unexpected changes in duty costs,” he explained.
The Vice President further detailed that different types of goods, such as chicken, rice, spare parts, and second-hand clothing, will each attract specific, predetermined flat rates.
These rates will be published in advance, allowing importers to plan accordingly and avoid the common issues of under-invoicing and misclassification that have plagued revenue collection efforts in the past.
“By implementing this flat rate system, we aim to eliminate the practices of under-invoicing and misclassification that many importers currently engage in"
"These practices are significantly hampering our revenue collection, and this policy will ensure a more transparent and fair process for all,” Dr. Bawumia asserted.
The initiative forms part of Dr. Bawumia's broader economic strategy to enhance trade efficiency and bolster the nation’s revenue collection, positioning Ghana on a path of sustainable economic growth.
Story by: Joshua Kwabena Smith
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