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3.54 Third party logistics companies generally
undertake vendor-managed inventory operations
where they import and hold goods belonging to
foreign principals, and deliver the goods to local
customers only upon instruction by the foreign
principal. In line with ERC recommendations, I
have decided to introduce a scheme whereby qualifying
companies can import goods belonging to them or
to foreign principals without payment of GST.
Under the new scheme, these companies can also
move goods to their customers who are under the
Major Exporter Scheme, and other qualifying companies
under the same scheme, without charging GST. This
scheme will be effective from 1 January 2004.
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