New import rate means more prices will fall |22 May 2009

This is possible through the new procedures for imports that feature in the amended Harmonised Commodity Description and Coding System (HS) Code 2002.

The amended code, just published, includes changes to the import of goods previously restricted or prohibited in Seychelles and changes involving domestic taxes on imports, which have been aligned to import rates.

It is targeting newly launched businesses that are still in their early stages and need protection to become more competitive.

Senior trade officer in the Ministry of Finance Tyron Scholastique said the new step will boost trade in the region.

He explained that products imported from Comesa countries will have a 0% rate compared to goods from other countries, which will have a higher rate.

Mr Scholastique said the amendment to the code followed talks with international organisations where it was decided Seychelles should adjust its schedule to fit the various requirements.

He added that the amendment will have a direct impact on imported items, which will mean a reduction in prices.

Director for import permits Lianette Laurette said the new HS Code will allow importers to know which items they need a permit for and which are not allowed in the country. She said the code will provide all the specifications on those items.

The harmonisation of tariff nomenclature is an internationally standardised system of names and numbers for classifying traded products developed and maintained by the World Customs Organisation (formerly the Customs Cooperation Council), an independent intergovernmental organisation with over 170 member countries and based in Brussels, Belgium.