Customs duty exemption for inputs to oil sector suppliers subject to licensing, bond and evidence requirements. Exemption limits customs duty on imported raw materials and components for manufacture of goods to be supplied to designated oil sector purchasers to the amount calculated at 25 per cent ad valorem and exempts the additional duty under section 3, subject to conditions: import under a licensed canalising agency with specified endorsements on description, quality, value and quantities; execution of a bond securing payment of duty differences if materials are not used as authorised; and production of evidence satisfactory to the licensing authority to discharge customs liability and licence obligations.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Customs duty exemption for inputs to oil sector suppliers subject to licensing, bond and evidence requirements.
Exemption limits customs duty on imported raw materials and components for manufacture of goods to be supplied to designated oil sector purchasers to the amount calculated at 25 per cent ad valorem and exempts the additional duty under section 3, subject to conditions: import under a licensed canalising agency with specified endorsements on description, quality, value and quantities; execution of a bond securing payment of duty differences if materials are not used as authorised; and production of evidence satisfactory to the licensing authority to discharge customs liability and licence obligations.
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