- The Director-General of Customs and Excise has introduced a Second Amendment to Regulation No. PER-03/BC/2022 on Technical Guidelines for Postponements of Excise Payments for Manufacturing Businesses and Importers of Excisable Goods That Implement Settlements Through the Affixation of Excise Bands ("Regulation 3/2022"), through the issuance of Regulation No. PER-2/BC/2024 ("Second Amendment"), which has been in force since 18 January 2024.
- At its core, the Second Amendment stipulates that the postponement period (i.e. two months since the order of excise bands) exempts orders of excise bands with postponements that are submitted between 1 March 2024 and 31 March 2024, which will instead be granted postponements of 90 days. In terms of manufacturing businesses that have secured this postponement, the ceiling calculation for the postponement will be set at up to 4.5 times the maximum excise value average over the last six months or the last three months.
- In order to secure the above-described postponement, manufacturing businesses should submit applications along with the above-mentioned ceiling calculations to the Head of the Customs and Excise Office. If said businesses are utilizing company guarantees, then their applications should also enclose financial statements that cover the period of the most recent two books, as audited by public accountants.
- Furthermore, if excise bands are ordered with postponements that become due after 31 December 2024, then said due postponements will be stipulated on 31 December 2024.
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