GNA            20 July 2015             95 Views            2 Comments            Business

An amount of GH¢497.9 million was grossed from the operations of the customs bonded warehouse facilities between January and May this year. Minister for finance, Mr Seth Terkper, disclosed this yesterday when he appeared before Parliament to respond to some questions from members regarding the operations of facilities and the type of companies allowed using them. A custom bonded warehouse is any building, place appointed by the Commissioner-General where imported goods are stored under customs control pending the payment of duties and taxes at the current exchange rate.

According to him in the year 2013, GH¢832.0 million was collected from the warehousing operations adding that there are several benefits of the warehousing regime to the economy.

Mr Terkper said there were a total of 336 warehouses operating in the country as at the end of May 2014 out of which 176 are in Accra, 141 in Tema, 10 in Takoradi and 9 in Kumasi. He said under the warehousing regime small and medium size traders without huge capital bases are able to purchase and hold late stock of goods and it has the ability to serve as a buffer stock especially for food items. He explained that operations in the warehousing sector are governed mainly by the Customs Excise and Preventive Service (Management) Law 1993. PNDC L. 330 Sections 123-152 and Customs Regulations 1976 section 73-92.

The warehousing is a system by which imported goods or locally manufactured goods are stored under Customs control in a Government or Private Bonded Warehouse without payment of import duty and other taxes. This system affords the importer or manufacturer the opportunity to defer the payment of duty and taxes until the goods are needed for home consumption or are exported and enables the importer/manufacturer to take advantage of both the home and foreign markets without any loss in respect of duty.

Source: ISD (Gilbert Ankrah)