24 January 2018 Ghana amends Customs Act regarding bonded warehousing of goods The Parliament of Ghana has passed the Customs (Amendment) (No. 2) Act, 2017. The Act was assented to by the President on 29 December 2017 and the gazette notification was issued the same day. Accordingly, the Act came into force on 29 December 2017. The Act amends the Customs Act, 2015 (Act 891) to provide additional requirements for the bonded warehousing of goods and other related matters. The key amendments include: - For the purpose of declaring goods to be placed under a customs procedure, the Commissioner-General (CG) of the Ghana Revenue Authority (GRA) may require that a person furnishes him with the following documents:
- Letter of credit, where applicable
- Bank guarantee or insurance cover.
- The CG of the GRA shall cease to grant a dispensation to an importer, owner, or a person who intends to keep or maintain goods in a bonded warehouse without the submission of letters of credit, bank guarantees or insurance cover from reputable financial institutions.
- The CG of the GRA may publish the list of reputable financial institutions required to issue letters of credit, bank guarantees or insurance coverage in two daily newspapers and in the Gazette.
For additional information with respect to this Alert, please contact the following: Ernst & Young Ghana, Accra - Robin McCone
robin.mccone@gh.ey.com - Isaac Sarpong
isaac.sarpong@gh.ey.com
Ernst & Young LLP (United Kingdom), Pan African Tax Desk, London - Rendani Neluvhalani
rendani.mabel.neluvhalani@uk.ey.com - Byron Thomas
bthomas4@uk.ey.com
Ernst & Young LLP, Pan African Tax Desk, New York - Silke Mattern
silke.mattern@ey.com - Dele A. Olaogun
dele.olaogun@ey.com - Jacob Shipalane
jacob.shipalane1@ey.com
Ernst & Young LLP, Pan African Tax Desk, Houston - Elvis Ngwa
elvis.ngwa@ey.com
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ATTACHMENT PDF version of this Tax Alert Document ID: 2018-5183 | 
