In forging ahead on the road to economic recovery, Government, with Cabinet’s recent approval to halt the levying of duty on cost, insurance and freight on imported goods for merchants, is following through with plans to lower the cost of goods to stimulate the economy.

As of March 7, in accordance with No. 1 of 2012 of the Customs Management and Duties (Amendment) Act, 2012, all merchants will bear duty based on the purchase cost of the goods less any insurance and freight costs. The seller will bear freight, insurance, commission and all other cost, charges and expenses incidental to the sale and delivery.

According to Commissioner of Customs Mr. Wade Smith, the act defines a merchant as an importer who has a valid trade licence for the wholesale and retail of goods in an unchanged state.

Mr. Smith encourages merchants to be compliant by completing a ‘Declaration of Merchant’ form which states the said business is licensed by the Department of Trade and Consumer Affairs to carry on the business of merchant, and currently