Wednesday, 31 May 2023
Rise in import exemption permits passed through Bayan system

Rise in import exemption permits passed by means of Bayan program

Muscat – 

The quantity of industrial transactions cleared by means of Bayan program in 2017 reached three,316 permits for the GCC nations to get exemptions from the import of industrial establishments compared to three,165 permits in 2016.

The quantity of applications for exemption of customs throughout the previous year amounted to 254 for import of gear, spare components and major raw components compared to 206 applications in 2016. For the exemption of customs, 132 choices have been issued by the Ministry of Finance in 2017, compared to 53 choices in 2016.

Eng Mohammed bin Said al Mahrouqi, head of Exemptions Section at the Directorate General of Industry in the Ministry of Commerce and Industry (MoCI), mentioned that the improve in exemption permits and applications for customs exemption is attributed to investors’ selection of electronic solutions supplied by the Invest Easy portal.

He added that MoCI seeks to facilitate the flow of goods exported to and from the sultanate, minimize the price of import and export operations, and strengthen the partnership among customs and numerous sectors of the industrial neighborhood.

The ministry also encourages domestic and foreign investment to attract capital.

Information Source: Muscat Daily

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