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Thursday, 29 March 2018

Council of State to refer Customs Act back to Cabinet next week

LEGISLATION WATCH- The Council of State (Maglis Al Dawla) is reportedly expecting to refer the new Customs Act back to the Cabinet next week. Maglis Al Dawla intends to conclude its review of the act by the end of next week, after discussing some final points in the bill with representatives from the Finance Ministry and Customs Authority in separate meetings on Saturday and Monday, sources with knowledge of the matter said yesterday. The draft law, which had received the Ismail Cabinet’s sign off in February, is expected to slash custom duties on capital goods to 2% from a current 5% and expand temporary exemptions for production inputs and packaging equipment. The law also includes provisions that aim to curb illegal trade activities and evasions of custom tariffs. The Ismail Cabinet is expected to ship the bill over to the Parliament.

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