Gov't's duty-free import scheme for key sectors yields $1.4b in benefits

A Government scheme that allows companies to import certain items duty-free in areas such as agriculture and tourism generated benefits totalling $1.4 billion for the period 2021 - 2023, Industry, Investment and Commerce Minister Aubyn Hill says.

Senator Hill made the announcement during his contribution to the 2023/24 State of the Nation Debate in the Senate on Friday. 

The Productive Inputs Relief-Fiscal Incentive Regime scheme facilitates duty-free importation of specific items intended for productive use, as well as income tax relief to spur expansion of productive activities in the various sectors. 

The Government has targeted agriculture, manufacturing, tourism, healthcare, and the creative industries.

The incentives incorporate, among other things, relief on customs import duties, normally charged when importing goods into the country; additional stamp duties, usually applied at the port on certain products; and corporate income tax, generally levied on the profit income of businesses.

“It is a great deal if you are in the business, and you are manufacturing… this is what we do. You must fill out the arrangement [and] let us know. [We] work with the Ministry of Finance and we collaborate with [many] people. We give you this benefit… [so] you do not pay the customs duty, you do not pay taxes,” Senator Hill said. 

Hill said as at March 31, 2023 approximately 816 companies benefited from manufacturing status fiscal incentives under the programme. 

-JIS News contributed to this report. 

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