A recent major
announcement from the Australian Government is that the Enhanced Project Bylaw Scheme (EPBS) will be closed. The EPBS provides duty free entry
for goods associated with certain large capital projects.
For very large projects
the scheme was often more efficient than using tariff concession orders.
It was no doubt more popular in an environment where TCOs were being narrowly
applied.
The popularity of the
EPBS is highlighted by the fact that the saving from the closure is projected
to be $60 million a year. In other words, an additional $1.1 billion
dollars of imports that will be subject to duty.
Real skill will be required in drafting TCO
wording that in the current compliance environment will be wide enough to
cover the variety of items imported for major projects
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