AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
Tax-based export incentive
Venezuela has been added as an additional country under the Special Focus Market Scheme (SFMS).
This scheme incentivises exports of all goods to certain countries by providing duty scrips of 4% on the FOB value of exports.
The SFMS has been replaced by the Merchandise Exports Incentive Scheme (MEIS) under the new Foreign Trade Policy 2015-20.