Tax Update-1998 Budget Issues


 

a. Import Duty

(i) Manufactured goods which are used directly by consumers will be imposed full import duty.
(ii) Finished goods to be used as intermediate goods are exempted from import duty provided that they are not manufactured in any Principal Customs Area (PCA). However, if such goods are produced in any PCA, then import duty is imposed.
   

b. Excise Duty

LMW companies manufacturing goods subject to excise duty are exempted from being licensed under the Excise Duty Act 1976.

The above changes take effect from October 17, 1997.

[page 27 of 27]

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