Customs exemption amendment clarifies licence cut off, confining exemption eligibility and valuation to licences within the prescribed period. Amendment to the exemption notification inserts a temporal cut off for licence-related provisions: the proviso in paragraph 2 is extended to include licences issued up to the cut off date and the Explanation is revised so that references to the 'value of the licence' apply to licences issued up to that cut off, thereby confining exemption eligibility and valuation to licences within the prescribed temporal boundary.
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Customs exemption amendment clarifies licence cut off, confining exemption eligibility and valuation to licences within the prescribed period.
Amendment to the exemption notification inserts a temporal cut off for licence-related provisions: the proviso in paragraph 2 is extended to include licences issued up to the cut off date and the Explanation is revised so that references to the "value of the licence" apply to licences issued up to that cut off, thereby confining exemption eligibility and valuation to licences within the prescribed temporal boundary.
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