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| 24 September, 2017

No customs duty on gold in GCC?

Image used for illustrative purpose. Haji Hasan Mohmadhasan, a Kuwaiti gold shop seller arranges his counter at the gold market in Kuwait city.

Image used for illustrative purpose. Haji Hasan Mohmadhasan, a Kuwaiti gold shop seller arranges his counter at the gold market in Kuwait city.

REUTERS/ Yves Herman
A consultative body formed by GCC official entities has finalised a study on exempting all kinds of gold from customs tariff in GCC states.

The study has been forwarded to member countries to get their views on the matter in a primary step to include their proposal to the Trade Cooperation Committee of the Secretariat General of GCC countries in Riyadh.

The Saudi Economist news site, quoting a senior GCC official, said the study was prepared based on an assignment from the ministers of trade and industry in GCC countries.

The official added that there is a proposal to calculate the customs tariff on gold, if it is not revoked, based on the labour charge per gram. This will generate more revenue to GCC governments, which will help double the quantity of gold imported.

- business@khaleejtimes.com

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