Fiscal Incentives (Fiscal Incentives Act #5 of 1990)
Fiscal Incentives are granted to an enterprise based on the amount realized from the sale of an approved product. Under the Fiscal Incentive, Import Duty is waived. However, VAT and CSC are payable.
There are three (3) types of Fiscal Incentives:
- Group 1 - Fifteen (15) years concession
- Group 2 - Ten (10) years concession
- Group 3 - Five (5) years concession
The following items are NOT automatically exempted from Duty under Fiscal Incentives Act unless approved by Cabinet:
- Motor vehicle tyres
- Motor vehicle parts
- Kitchen appliances
- Office furniture, equipment
Agency: Department of Industry
Hotel Incentives (Hotel Aid Act # 16 of 1988)
- This Act is designed to provide incentives for the renovation, refurbishment and expansion of existing hotels and the construction of new hotels.
- 100% waiver of Import Duty on materials and equipment for hotel construction expansion or improvement is available to National and Non-Nationals.
Agency: Ministry of Tourism, Civil Aviation, Sustainable Development and Culture
Information and Communication Technology Services Investment Incentives
- Exemption of import duty
- 100% on Solar panel. However, those with battery storage capability will not be allowed to connect to the grid.
- 100% on Security Camera for all registered businesses in good standing with Inland Revenue Department (IRD) and the National Insurance Services (NIS). Approval is based on specifications outlined by National Telecommunications Regulatory Commission (NTRC).