- 5 Marks
PT – Aug 2022 – L2 – Q1a – Value-Added Tax (VAT), Customs, and Excise Duties
Explain the "Benchmark Value Discount" policy in Customs Administration and how its withdrawal benefits local rice producers.
Question
The Finance Minister of Ghana during the 2022 budget presentation in Parliament announced the withdrawal of the “Benchmark Value Discount” policy on some imports. The President of the Professional Local Rice Growers Association (PLRGA) is elated about the announcement and has invited you, as a student studying taxation, to explain the concept of the Benchmark Value Discount policy to him.
Required:
Explain what the “Benchmark Value Discount” policy in Custom Administration is and how its withdrawal will be of much benefit to the President of the PLRGA.
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