The figure shows a substantial boost more than the three,583 permits obtained throughout the exact same period in 2017. The permits are offered for custom exemptions on imports by industrial facilities for GCC Model (B).
The ministry stated that the quantity of applications for exemptions for imports of gear, spare components and main raw components also improved to 581 in 2018 as compared to 226 applications throughout 2017
Eng Mohammed bin Saeed al Mahrouqi, head of Exemptions Department in the Directorate General of Industry, MoCI, stated, “During the year 2018, 11 decisions were taken to exempt industrial establishments from income tax.” He stated that the boost in exemption permits and applications for custom exemptions had been due to current interest of investors in making use of electronic solutions offered by the Invest Easy portal and Bayan method of the ROP. The on-line facilities have helped in speeding up of the procedure of transactions and dealings and created the movement of goods to and from the sultanate simple. It has also decreased the expense of import and export. Eng Mahrouqi added, “The industrial establishments must apply for customs exemption before importing through the Bayan system.”
Information Source: Muscat Daily