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20.04.2006 Business & Finance

Textile Industry To Enjoy Tax Relief

The local textile industry is to be given a boost with the abolition of the five per cent concessionary import duty rate on essential inputs for manufacturers in the industry.

According to the Customs, Excise and Preventive Service (CEPS), such essential inputs shall now be admitted at zero rate of import duty.

A statement issued by CEPS said the measure was part of a number of tax reliefs by CEPS and in line with the provision in this year's Budget Statement.

It further announced that a new zero rate of import duty was now levied on off-highway dumpers with gross weight exceeding 20 tonnes.

The statement said statutory overage penalty shall be eligible for used dumpers more than 12 years old.

It said completely knocked-down and semi knocked-down aircraft parts, components and accessories to be assembled and as replacement parts of light aircraft for approved operators in the light aviation industry would also benefit from the tax relief.

The statement said people who made disclosures to CEPS on non-payment of duties/taxes arising out of tax evasion or false or incorrect declarations regarding customs transactions would not be penalised or sanctioned under the government general tax amnesty.

It said only tax liability on goods or articles in question would be assessed for payment, adding, “This government general tax amnesty is valid for the period January to June 2006.”