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English news

05-Apr-2018

State Council completes its review of Customs Act amendments

Review of the proposed amendments to the Customs Act has been completed and shipped back to the Cabinet by the State Council. The Cabinet had signed off the draft law in February. The amendments to the act are set to slash custom duties on capital goods to 2% from a current 5% and expand temporary exemptions for production inputs and packaging equipment. The law also includes provisions that aim to control illegal trade activities and evasions of custom tariffs. The Cabinet will now have to review the bill and pass it on to the House of Representatives for committee-level debate. 

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