Exemption example sentences

Some importing countries provide tariff concessions or other exemptions to the goods coming from a particular country.Though original GATT rules were applicable to trade in agriculture, these suffered from certain loopholes such as exemption to member countries to use some nontariff measures such as customs tariffs, import quotas and subsidies to protect interests of the farmers in the home country.The idea underlying such exemption or refund is to provide an incentive to the exporters to export more and also to make the export products more competitive in the world markets.This certificate entitles the importer to claim tariff concessions or other exemptions such as non-applicability of quota restrictions on goods originating from certain pre-specified countries.Now this benefit of exemption from income tax is available only to 100 per cent Export Oriented Units (100 per cent EOUs) and units set up in Export Processing Zones (EPZs)/Special Economic Zones (SEZs) for select years.