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Tribune News Network
THE General Authority of Customs has launched the 'Import for re-export' service.
The service will exempt traders from paying customs duties on goods imported to Qatar by them for the purpose of re-exporting for six months from the date of the goods' release from the port.
Traders will, however, be able to avail the exemption under certain conditions and bank guarantees. The conditions are as follows:
u9679? The total value of the imported goods should not be less than QR50,000,000 during the year.
u9679? The importer should be a law abiding company with no case of violation against it during the last two years.
u9679? The value of a single shipment should not be less than QR20,000.
u9679? A bank guarantee of the value of customs duties for annual imports must be submitted, provided that the value of the bank guarantee shall not be less than QR1,000,000.
In the event of importing through the service of 'Import for re-export', the value of customs duties will be gradually subtracted from the value of the total bank guarantee. Upon re-export of the goods or part thereof, the value of the customs duties shall be returned to the balance of the bank guarantee provided by the importer.
Imported goods will also be subject to normal procedures at customs outlets like any other goods.
Importers of goods with intention to re-export may put them in the local market before the expiry of the six-month period, but they will have to pay customs duties.
In the case of transfer of ownership of the goods to another trader, the other trader may re-export them within six months from the date of release, after proving the ownership of the goods and the approval of the competent customs office.
The system will notify the importer via sms 15 days prior to the expiry of six months. A 15-day grace period will also be granted to the importers after which the customs duties will be deducted from the bank guarantee value.
The service aims at easing burden on traders by postponing the payment of customs duties; attracting foreign investment; reducing the cost of imports to benefit the end consumer; maintaining price stability in domestic markets; and encouraging local industries through adoption of flexible customs systems.
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