Any new investment in a recycling business will be granted a tax holiday and a duty concession package.

This will be done to incentivize investments in the recycling sector,

According to Economy Minister Aiyaz Sayed-Khaiyum under this initiative, businesses are offered three years’ income tax holiday for capital investments from $250,000 to $500,000.

“A five-year tax holiday for capital investments between $500,000 to $2 million, a 10-year tax holiday for capital investment between $2 million to $5 million, a 15-year tax holiday for capital investment between $5 million to $10 million and a 20-year tax holiday for capital investment in excess of $10 million.”

He adds, to further incentivise these new, green investments, customs import duty exemption will be provided on raw materials, machinery and equipment, including spare parts for recycling businesses.