GRA denies claims of charging duties on imported vehicles in foreign currencies

The Ghana Revenue Authority has denied claims of charging duties on imported vehicles in foreign currencies.It said duties were calculated based on Customs Act 2015 (Act 891).In a statement copied to the Ghana News Agency, the authority said the claims that GRA calculated duties in foreign currency were misleading and should be disregarded.'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 basis 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.,' the statement said.?The authority said cost, insurance, and freight values are then converted into Ghana cedis at the prevailing Bank of Ghana exchange rate.?Thus, rates of duty and other taxes are then calculated on the item in Ghana cedis and not quoted in foreign currency as it was speculated.The authority entreated the general public to disregard the false information and urged all importers who have concerns about the calculation of customs duties and taxes to reach the GRA.?The authority further reiterated that the Customs Division imposed duties and other taxes strictly in accordance with the provisions of the Customs Act 2015 (Act 891).?Source: Ghana News Agency