Section 33, The Finance Act, 2016

The Finance Act, 2011 is amended by the repeal andreplacement of section 11 with the following new section– 11. (1) Subject to subsection (2) new and existing businesses importing plants and machinery, excluding spare parts and general purpose vehicles, exclusively for their business operations (and not for resale), shall be entitled to duty free import for a period of three years from the date of their first registration. (2) Subsection (1) shall not apply unless– (a) in the case of a new business, the investment is at least US$10,000,000; and (b) in the case of an existing business, the investment is at least UD$5,000,000 in expanding the business.”