TC Winston

Duty concession on timber plywood, electrical conductors

Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum today announced duty waivers for two major hardware items effective immediately, until the end of April. Duty Concessions have been issued on the importation of: Sawn timber and plywoods. Insulation electrical conductors. Minister Sayed-Khaiyum said the import excise duty on both items has been reduced from 32% to 5%.  He said […]

Calvin Prasad

March 8, 2016 11:57 am

Attorney-General and Minister for Finance Aiyaz Sayed-Khaiyum today announced duty waivers for two major hardware items effective immediately, until the end of April.

AG Aiyaz Sayed-Khaiyum and Minister for Women Rosy Akbar at a press conference today. (Peni Shute / Newswire).
Minister for Finance Aiyaz Sayed-Khaiyum and Minister for Women Rosy Akbar at a press conference today. (Peni Shute / Newswire).

Duty Concessions have been issued on the importation of:

  • Sawn timber and plywoods.
  • Insulation electrical conductors.

Minister Sayed-Khaiyum said the import excise duty on both items has been reduced from 32% to 5%.  He said excise duty on the electrical cables and conductors have also been reduced from 10% to 5 %.

All importation of sawn timber and plywood will now attract only a five percent duty and the import excise duty on both the items will be fully waved, of course you will have to pay VAT but now the duty has now been reduced to five percent and there won’t be any import excise duty.

Minister Sayed-Khaiyum said the excise duty was initially in place to protect a local manufacturer.  He said people should use this concession to rebuild their homes, businesses and factories.

We have now relaxed the importation rates or duties on two major items, applicable from henceforth till end of April.. We’ll review this at the end of April to see if it needs to continue.

Companies and individuals were urged to import directly but warned the goods they imported should be according to existing standards.

Electrical conductors need to meet standards set by FEA and Department of Industry and Trade. Likewise timber has to meet Biosecurity standards.

Minister Sayed-Khaiyum urged businesses to keep margins low, as the government will continuously be monitoring retailers.

This is not a time to be greedy, this is not a time to try and take advantage of the misfortunes of others.

Minister Sayed-Khaiyum added that government was providing targeted assistance in the aftermath of tropical cyclone Winston.

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