A TOTAL of 264 enterprises have sought a licence to engage in special goods business,
according to the Internal Revenue Department.

According to the 2016 Union Tax Law, tobacco and liquor, teak and hard wood, jade, ruby,
sapphire, emerald, diamond and finished and raw jewelry products, vehicles with above
1800CC, fuel and natural gas are listed in the newly introduced Special Goods Tax list (SGT).

The enterprises concerned were set to submit registration by 31 May. Those businesses that
failed to register will be fined K5 million. Those who evade taxation and sell special goods
will be fined 100 per cent of the value of the special goods. Those goods will be confiscated
under the Special Goods Tax Law laid down in 2016.

The tax will be levied on special goods at the prevailing market price. Both importers and
exporters of special goods have to register; it has been learned from the Internal Revenue
Department.