Gov’t’s duty-free import scheme for key sectors yields $1.4b in benefits
MIIC Author
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.
Source: Gleaner
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