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Sunday, 14 July 2019

FinMin issues amendments to Customs Act regulations

LEGISLATION WATCH- FinMin issues amendments to Customs Act regulations: The Finance Ministry has issued amendments to the executive regulations of the Customs Act, the local press reported. The amendments allow imports that haven’t been custom-cleared to be transported to warehouses outside of ports and special economic zones after valid guarantees are presented.

Separately: The House of Representatives is expected to vote on legislative amendments to the act after it returns from summer recess in October, two government sources told us last month. The amendments are part of larger changes that aim to expedite customs clearance, create a “whitelist” of trusted importers, and broaden the Customs Authority’s discretion. They would also include customs breaks to incentivize local manufacturers.

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