Manufacture of transport equipment n.e.c.

Manufacturing of goods is a Qualifying Activity under MD 229 of 2025. Forensic auditors will verify the 'Substantial Transformation' threshold to ensure the process is not merely 'Trading' (an Excluded Activity if with non-Free Zone persons). The presence of heavy machinery, specialized labor, and raw material inventory on the balance sheet is critical for 0% rate eligibility.

Audit Red Flag

Re-classification of 'Simple Assembly' or 'Packaging' as 'Manufacturing' to circumvent the higher substance requirements of ISIC 309.

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