IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Outflow (subsidised)

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 Jan 2015 | Removal date: open ended

Tax-based export incentive

On 9 December 2014, the Ministry of Finance issued Notice No. 98 to include pearl-, gem- and some metal-based products to its VAT rebate policy.
 
Exported products containing 80% of the above-mentioned materials can now benefit from 5% of the VAT rebates. This new policy will be effective on 1 January 2015. 
 
Effected HS Codes: 71012290, 71022100, 71059000

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
382 Jewellery & related articles
7101 Pearls, natural or cultured, whether or not worked or graded but not strung, mounted or set; pearls, natural or cultured, temporarily strung for convenience of transport.
710110 Natural pearls
710121 Unworked
710122 Worked
7102 Diamonds, whether or not worked, but not mounted or set.
710239 Other
7105 Dust and powder of natural or synthetic precious or semi precious stones.
710510 Of diamonds
710590 Other

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