The government just cut a bunch of import taxes to help businesses. New customs duty suspensions are now in effect for several key sectors. Public service buses with sixty or more seats get a major break. Electric buses will pay zero percent duty, while diesel models see a reduced ten percent rate. Operators must be registered with the tax authority to qualify. They also need a valid tax clearance certificate.
Strict rules come with this bus import concession. Operators cannot sell or scrap the buses for five years without permission. They would have to pay back the waived duty if they do. An exception exists if a bus is no longer economically usable for its intended job. The tax authority can also forgive the duty if a bus gets destroyed before use.
Tourism operators got a two-year extension on their own duty relief. They can keep importing specific safari vehicles without the tax until the end of 2027. This move aims to support the industry's recovery and expansion. The mining sector also gets help with essential supplies. Duty is suspended on things like oils for gold processing and chemicals for refining. Companies must sign declarations that these materials are for industrial use only.
Local car assembly gets a push from the new policy as well. Approved assemblers can bring in vehicle kits at a zero percent duty rate. These companies must keep secure storage and detailed records for inspection. All these measures were introduced under a new statutory instrument. The finance minister gazetted the changes to take effect at the start of the year.
Strict rules come with this bus import concession. Operators cannot sell or scrap the buses for five years without permission. They would have to pay back the waived duty if they do. An exception exists if a bus is no longer economically usable for its intended job. The tax authority can also forgive the duty if a bus gets destroyed before use.
Tourism operators got a two-year extension on their own duty relief. They can keep importing specific safari vehicles without the tax until the end of 2027. This move aims to support the industry's recovery and expansion. The mining sector also gets help with essential supplies. Duty is suspended on things like oils for gold processing and chemicals for refining. Companies must sign declarations that these materials are for industrial use only.
Local car assembly gets a push from the new policy as well. Approved assemblers can bring in vehicle kits at a zero percent duty rate. These companies must keep secure storage and detailed records for inspection. All these measures were introduced under a new statutory instrument. The finance minister gazetted the changes to take effect at the start of the year.
