Manufacture of basic metals

ISIC Code 24 involves the smelting and refining of ferrous and non-ferrous metals. Under the Qualifying Activity 'Manufacturing of goods or materials', this qualifies for the 0% rate. Forensic auditors will verify the 'Substantial Transformation' test to ensure the activity is not merely 're-packaging' or 'minor assembly' which could be re-characterized as an Excluded Activity if performed outside a Designated Zone.

Audit Red Flag

Misclassification of 'Distribution' or 'Trading' as 'Manufacturing' where no substantial transformation of the raw metal occurs within the Free Zone.

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