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Thu 27 Dec 2018 08:25 AM

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Abu Dhabi waives duties on industrial imports

The exempted materials include raw materials, machinery, equipment and spare parts

Abu Dhabi waives duties on industrial imports

Industrial inputs imported to the emirate of Abu Dhabi will be exempted from customs duties as of January 15, the government announced on Wednesday.

In a media briefing held in the capital, the Abu Dhabi Department of Economic Development (ADDED) and the General Administration of Customs announced the tax waiver, which forms part of a stimulus packaged provided by ADDED to Abu Dhabi’s industrial sector.

The exempted materials include raw materials, machinery, equipment and spare parts.

According to Ali Al Humami, director of the Industrial Organisation Department of ADDED’s Industrial Development Bureau, said that the waiver relies upon the annual balance system of beneficiaries via direct e-connection between the systems used by customs officials and the Industrial Development Bureau.

According to Al Humami, the volume of transactions pertaining to exempting industrial inputs from customs duties received by the Bureau in 2017 totalled 26,000 transactions with a total value of AED 1.5 billion – which has been waived.