The Ministry of Industry, Investment & Commerce is advising importers of lithium ion batteries that effective today, July 1, the Common External Tariff on the commodity will be suspended until June 30, 2027.
This means no duty should be paid on the commodity during this period.
The ministry says this move is critical to the development of the country's renewable energy sector because lithium ion batteries are efficient, versatile and environmentally sustainable.
It will help the country meet the target of having 30 per cent of its energy capacity in renewables by 2030.
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