Abu Dhabi: Abu Dhabi Department of Economic Development on Wednesday said they simplified the process involved in getting approval for custom duty exemptions in imported raw material, machinery, equipment and spare parts for industrial use.
The latest measure is being implemented in cooperation with the General Administration of Customs in Abu Dhabi and is aimed at accelerating cross-border trade and reduce procedures and the time involved in custom duty exemption in Abu Dhabi, according to a statement from the Abu Dhabi Department of Economic Development (Added).
“Earlier, the process used to take one or two days for clearance, but now it can be done immediately to speed up cross border trade transactions,” said Ali Al Humami, Director of Industrial Organisation Department at the Industrial Development Bureau, speaking to Gulf News.
He added that the volume of transactions pertaining to exempting industrial inputs from customs duties received by the Industrial Development Bureau in 2017 amounted to 26,000 transactions, with a total value of Dh1.5 billion.
The General Administration of Abu Dhabi Customs also said that immediate exemption of industrial imported inputs from customs duties, in terms of raw material, machinery, equipment and spare parts, would contribute in reducing the cost of manufacturing on local manufacturers, thus enhancing the competitiveness of national products and supporting the emirate’s economic prosperity and industrial development.