The government has allowed duty-free import of raw materials and capital goods for undertaking manufacturing in customs bonded warehouses (CBWs) under this scheme introduced this year.
Move to develop Customs Bonded Warehouses in Oman
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MUSCAT, SEPT 16 - Promising headway is being made in preparing the groundwork for the growth of Customs Bonded Warehouses at key locations around the Sultanate a move that could potentially add RO 100 million annually to the Gross Domestic Product when it is a reality tentatively by the year 2020. The initiative is being spearheaded by Tanfeedh the National Programme for Enhancing Economic Diversification with the support of a number of stakeholders, notably the Royal Oman Police Customs, Ministry of Transport and Communications, Ministry of Commerce and Industry, Oman Global Logistics Group (ASYAD), Second and Third Party Logistics firms, and shipping and freight forwarding agencies.
Manufacturing under Customs Bonded Warehouse – Opening up new possibilities
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Last Updated: Jan 31, 2021, 10:02 AM IST
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Synopsis
The manufacturing industry expects that the government, through the Budget, would bring in incentives or new schemes to infuse fresh life and to also, promote foreign investment in this sector which will assist in generating employment.
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Under the CBWs scheme, a manufacturer is allowed to import duty-free inputs/capital goods for undertaking manufacturing in CBWs.
Union Finance Minister Nirmala Sitharaman would be presenting the Union Budget on 01 February 2021, one of the most critical Budgets in recent times as it would define India’s path to economic recovery. The Indian economy has been severely impacted by the COVID-19 outbreak which has resulted in growing unemployment, led to a sharp fall in the GDP and also lowered industrial output and profits, jeopardising growth prospects, crimping new foreign investment in ma