VATupdate

Share this post on

Customs duty exemption for Industrial production in GCC countries

In accordance with the Unified Customs Tariff for GCC countries, customs duty on goods imported into GCC countries is generally levied at 5%, with exceptions for alcohol (50%) and cigarettes (100%). Goods originating from GCC countries are exempt from customs duty, while goods imported from non-GCC countries attract import duties at prescribed rates. The Cooperation Council for the Arab States of the Gulf has exempted industrial inputs from customs duties to enhance the competitiveness of the national industry, foster export growth, and attract foreign investments. The exemption covers plant, machinery, equipment, raw materials, semi-manufactured goods, and packing materials, and remains valid as long as the plant is operational and satisfies the underlying conditions, which include possessing a valid industrial license, applying for the exemption, and keeping records of the exempted items.

Source Fintedu

 


Click on the logo to visit the website

Fintedu


 

Sponsors:

VAT news
VAT news

Advertisements: