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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Bayan eases trade transactions

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Muscat: The Ministry of Commerce and Industry said that the number of applications submitted through the Bayan system for custom exemptions on imports by industrial facilities for GCC Model (B) during the period from the beginning of January till the end of December 2018 reached to 4,665 compared to over 3,583 permits during the same period in 2017. The ministry said that the number of applications for exemptions for imports of equipment, spare parts and primary raw materials last year reached to 581, compared with 226 applications during 2017.


Mohammed bin Saeed al Mahrouqi, Head of Exemptions Department in the Directorate General of Industry, Ministry of Commerce and Industry, said: “During the year 2018, 11 decisions were taken to exempt industrial establishments from income tax.” He said that the increase in exemption permits and applications for custom exemptions was due to recent interest of investors in using electronic services provided by the portal “Invest Easy” of the Ministry of Commerce and Industry and Bayan system of the Royal Oman Police. This has helped in speeding up of the process of transactions and dealings and made the movement of imported and exported goods to and from the Sultanate easy. It has also reduced the cost of the import and export. “The industrial establishments must apply for customs exemption before importing their imports through the Bayan system of the Royal Oman Police’s Public Administration of Customs.”


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