Duty on imports slashed by 50%

Effective tomorrow, Thursday, April 4, there will be a 50 percent reduction in imports duty at the countries ports, government has announced.

Vice President Dr. Mahamudu Bawumia who disclosed this at the Economic Management Team (EMT) town hall meeting Wednesday, further said importers of vehicles will also enjoy a 30 percent reduction.

“To reduce the incidence of smuggling and enhance revenue, the benchmark or delivery values of imports have been reduced by 50 percent except for vehicles which will be reduced by 30% effective 4th April 2019.

“This means, for example, if a container was previously assessed for duty at a value of $20,000, it will now be assessed from tomorrow at a value of $10,000. We expect that the higher volumes of at least 50%  annually and increase custom revenue,” the Vice President said.

According to him, Cabinet has approved for the reduction to take effect on Thursday.

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