The US government is introducing zero duty and exemption from excise tax on imported raw materials for jewellery.
According to the Bureau of Customs the new move is to help boost the growth and development of small and medium scale jewellery industries, according to ABS-CBN.
The government noticed the need for change whilst amending the rules in the Jewelry Industry Development Act of 1998 (JIDA).
The change in rules has been launched by Customs and the Bureau of Internal Revenue (BIR).
Both agencies have also offered extra incentives including a 50 per cent deduction from taxable income of expenses through training schemes and qualified jewellery enterprises will be authorised to buy gold directly from other sources without any specific authority.
The government has also claimed that the jewellery industry has the potential to provide many more employment opportunities and it hopes the order will help promote and encourage local jewellers to join the formal sector. |
