Enhanced Project Bylaw Scheme (EPBS) closure
A recent major announcement from the Australian Government is that the Enhanced Project Bylaw Scheme (EPBS) will be closed. The EPBS provides duty free entry for goods associated with certain large capital projects.
For very large projects the scheme was often more efficient than using tariff concession orders. It was no doubt more popular in an environment where TCOs were being narrowly applied.
The popularity of the EPBS is highlighted by the fact that the saving from the closure is projected to be $60 million a year. In other words, an additional $1.1 billion dollars of imports that will be subject to duty.
Real skill will be required in drafting TCO wording that in the current compliance environment will be wide enough to cover the variety of items imported for major projects