Industry and Entrepreneurship Development Minister Sunil Handunnetti shared this update during his social media programme named Ask Handun while answering a question.
He stated that the Temporary Importation for Export Processing (TIEP) scheme is designed to help local manufacturers who are aiming at foreign markets.
Relief on raw materials and machinery
According to the Minister, this facility grants tax concessions on imported raw materials brought down for export production. Machinery used in the manufacturing line is also eligible for the benefit.
The purpose of offering these tax perks is to push exports forward and back enterprises producing goods purely for the international stage.
How to register
Companies eager to tap into the facility can get in touch with the Ministry of Industry directly. Interested business owners can also drop by the Ministry premises to complete registration for the concessions, he added.
