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Monday, 5 September 2022

Manufacturers: Here’s how you qualify for customs breaks

The Finance Ministry has laid out the criteria for industry players looking to benefit from amended customs tariffs approved by the House of Representatives in June, according to a cabinet statement. Manufacturers will need to keep records on the volume and purpose of their imports so they can qualify for customs breaks on some production inputs, with the Customs Authority, the Industrial Development Authority (IDA), the Trade and Industry Ministry, and the Finance Ministry all playing a role in approving companies’ imports and tariffs depending on the sector in which they operate.

Refresher: The amendments impact 150 raw material imports used by automotive and industrial manufacturers, hotels, renewables players, and farmers, among other industries. They were put in place in a bid to lower imports of finished goods, boost local industry, and up exports.

^^ We broke down the customs breaks and how they’re being implemented in an Inside Industry vertical earlier this summer.

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