- The GRA has issued new directives for the auction of items.
- As part of the new directives, the GRA has developed a new way for calculating prices of the items.
- The directive is expected to take effect immediately.
The Ghana Revenue Authority (GRA) has created new directives for the auction of items at the ports.
These new directives were contained in a circular that states the processes through which goods in the custody of the GRA will be disposed of to the public.
The circular indicated that the distribution ratio of goods by the GRA will now involve a 70% allocation to the general public. Meanwhile, 30% will now go to the Confiscated Assets Committee.
It added that the reserve price shall be double the duties payable plus 50% of the value of the asset. However, in a case where the original owner of the asset becomes the beneficiary of the auction, the reserve price will be twice the duties payable only.
This new directive will take immediate effect and will apply to all new auction sales or allocation.
Meanwhile, all former sales which have not been paid for and cleared by their beneficiaries by the end of this month shall be forfeited and allocated or sold at new auctions.