Customs (Import of Concessional Tariffs) Amendment Rules
♦ The Central Board on Indirect Taxes and Tariffs has been changed.
♦ A one major change is to allow imported goods to be sent out for work. Importers can now obtain the final product based entirely on work.
♦ The lack of this facility had previously hampered the industry, particularly the Micro, Small, and Medium Enterprises sector, which lacked in-house manufacturing capability.
♦ However, certain sectors have been removed, such as gold, jewellery, precious stones, and metals.
♦ Another major change is to allow those who import capital goods with preferential tariffs to clear/re-sell these goods in the domestic market after paying tariffs and interest at depreciated prices.
♦ This was not allowed in the early days, and manufacturers got stuck after using imported capital goods because they were not easy to re-export.