IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 05 Mar 2013 | Removal date: open ended
Still in force

Import-related non-tariff measure, nes

On 31 January 2013, the Department of Revenue of the Ministry of Finance announced the re-introduction of bonded warehouses in Special Economic Zones and Domestic Tariff Areas for the import and re-export of the following products: cut and polished diamonds or colored gemstones, uncut and unset precious and semi-precious stones.

The Government implemented the provision on 5 March 2013.
Bonded warehouses are buildings (or other secured areas) in which imported dutiable merchandise may be stored, manipulated or undergo manufacturing operations without the payment of duty. The latter is only collected when the merchandise is withdrawn for consumption. If no domestic buyer is found for the imported articles, the importer can sell the merchandise for exportation and avoid paying the import duty in the country where the good is stored. If no bonded warehouse is available, the imprter must pay an import duty upon arrival of the product in the country.

AFFECTED COUNTRIES

MAP
TABLE
EXPORT

AFFECTED SECTORS AND PRODUCTS

163 Precious & semi-precious stones; natural abrasives; other minerals
7102 Diamonds, whether or not worked, but not mounted or set.
710210 Unsorted
710231 Unworked or simply sawn, cleaved or bruted
7103 Precious stones (other than diamonds) and semiprecious stones, whether or not worked or graded but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi precious stones, temporarily strung for convenience of transport.
710310 Unworked or simply sawn or roughly shaped
345 Miscellaneous basic chemical products
7104 Synthetic or reconstructed precious or semiprecious stones, whether or not worked or graded but not strung, mounted or set; ungraded synthetic or reconstructed precious or semiprecious stones, temporarily strung for convenience of transport.
710420 Other, unworked or simply sawn or roughly shaped
382 Jewellery & related articles
7102 Diamonds, whether or not worked, but not mounted or set.
710239 Other
7103 Precious stones (other than diamonds) and semiprecious stones, whether or not worked or graded but not strung, mounted or set; ungraded precious stones (other than diamonds) and semi precious stones, temporarily strung for convenience of transport.
710391 Rubies, sapphires and emeralds
710399 Other
7104 Synthetic or reconstructed precious or semiprecious stones, whether or not worked or graded but not strung, mounted or set; ungraded synthetic or reconstructed precious or semiprecious stones, temporarily strung for convenience of transport.
710490 Other

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