Rise in customs and tax exemptions in second quarter

The number of customs exemptions given during the second quarter of this year reached 66 compared to 61 during the same period last year

MUSCAT: The Ministry of Commerce and Industry said that the number of industrial licenses given to establishments during the second quarter (Q2) of 2019 reached 2,164. There were 832 licenses issued in April, 750 licenses in May and 582 in June.

The statistics department of the ministry said that the number of custom exemptions given during the second quarter of this year reached 66 compared to 61 during the same period last year. Similarly, the number of tax exemptions given during the second quarter of this year was four compared to just one tax exemption during the same period last year.

The ministry said that the increase in the number of applications for customs and tax exemption was due to investors’ approach to clear the procedures through the electronic services provided on the “Invest Easy” portal of the Ministry of Commerce and Industry and the “Bayan” system of the Royal Oman Police. These electronic services helped in speedy completion of transactions, and make the flow of goods imported to the Sultanate or exported from here easily. The industrial establishments must apply for custom exemptions before exporting or importing them through Bayan system. Whereas, the applications and attached documents are studied at the Ministry of Commerce and Industry before they are referred to the Tax Authority. A committee looks into the applications for customs and tax exemptions for industries under the ministerial decision No. 9/2019.