- NBR withdraws 5% VAT in equipment transfer between companies covered under bond licence
- Previously, bond licenced importers had to pay 5% VAT when transferring equipment to another company
- Companies with bond licence can now transfer imported equipment between them without paying 5% VAT
- NBR aims to reduce costs in equipment transfer and ease of doing business
- Bond licenced importers can import machinery and equipment at a rebate rate
- The latest NBR order has withdrawn the condition of paying 5% VAT for transfer to a company covered under the bond licence
Source: tbsnews.net
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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