Itac has announced the proposed withdrawal of Rebate Item 470.01/00.00/01.00 in Schedule No.4 of the Customs and Excise Act that provides for a rebate of the full duty on the temporary importation of goods for processing, provided such goods do not become the property of the importer. The application was lodged by Itac who pointed to the possible inappropriate use of Rebate Item 470.01 in the absence of any control measures such as registration and permits issued by Itac while they reasoned that the processing allowed in Rebate Item 470.01 was adequately covered under Rebate Item 470.03. Comment is due by 22 June 2012.
