Gcc Customs Union Agreement

Goods entering the country are subject to the tariff tax under the uniform tariff and fixed charges, with the exception of those that are exempt under this Act or under the Single Economic Agreement between the Gulf Cooperation Council (GCC) countries or any other international agreement within the Framework of the Council. The six GCC member states are officially part of a customs union and have concluded a vision of a free trade area with a common external tariff, which was first outlined in January 2003. The free trade bloc now has a standard 5% tax on goods imported from outside the GCC and will have a one-stop shop for imported goods, shared by all; Tariffs are paid only once in the port of entry. Tariffs on products manufactured in GCC Member States have been abolished. As stated in our letter of April 15, 2020, Federal Decree 19 of 2018 on Foreign Direct Investment (DL Act) authorizes the majority of foreign investment in certain activities and activities. While majority ownership is attractive, it is not the only factor that a potential foreign direct investor should consider. Another factor is whether the proposed company could benefit from the GCC`s 5% tariff exemption, the purpose of which is discussed below. Duty-free access to the broader GCC market could be a determining factor in a company`s success. 1.Tariffs are levied from 1st.1.2003 A.C at the first customs point from the GCC countries` point of entry into the outside world. Member States` shares in tariff revenues are distributed within the first three years of the establishment of the GCC customs union (transitional period) according to the final destination of the goods, according to the following mechanism. 2.This mechanism is applied to trade in goods between the GCC Customs Union Member States, on the basis of the final determination of goods for the distribution (allocation) of customs revenues during the transitional period of the GCC customs union (pre-fixed at no more than three years) 3. If the source of the goods is the first point of contact:1.

Whole shipments:1.All customs regimes (i.e.: Single declaration collection, goods control, imposition of customs duties) are carried out on goods imported into GCC states at the first GCC customs point with the outside world. 2.All shipments imported from third countries leave the first deposit section, directly or through one or more Member States, after the completion of customs procedures and the collection of applicable customs duties, and under a copy of the import declaration in which their value and the customs duties payable must be paid in favour of the destination country. , to their final destination. 3.La copy of the import declaration is confirmed as a reference to the extract of goods and transit by the Member States.2. Partial emissions1. When goods destined for transport between GCC states are part of a batch whose customs formalities have been completed at the point of import and the importer wishes to transport part of it to or transit through another GCC state before leaving the customs office for the final destination, the goods are, in this case, , transported, on the basis of the official declaration of the GCC, accompanied by a copy of the initial declaration after the stamp was affixed.