Monday, July 30, 2007

Concessions offered to the gem and jewelry industry

Imports:
A) Duty free imports of
  1. Pearls, rough gems, cut and polished gems, diamonds, synthetic gems, diamond powder
  2. Gold (in all forms)
  3. Silver (in all forms)
B) Imports on a concessionary duty basis
  1. Tools, machinery and equipment used in the gem and jewelry industry.
C) Import and supply of following items are subject to 15% value added tax (VAT)
  1. Pearls, Diamonds, Precious and Semi Precious gems.
  2. Precious metal or metal clad with precious metal and gold coins.

Exports:
  1. Duty and tax free export of cut and polished gems, plain gold jewelry and gem studded jewelry.
  2. Direct export earnings are totally exempted from income tax.

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