Dubai : 1983 – The revised customs duty of four per cent was brought into operation in all the emirates bringing the UAE tariff structure in line with the rest of the member-states of the six-nation Gulf Cooperation Council. The enforcement of the minimum tariff — the GCC resolution is to levy duties ranging between four and 20 per cent was announced by Saif Al Jarwan, UAE Minister of Economy and Commerce, who said that it would be applied on all foreign goods imported into the country. The enforcement became effective from midnight following the issue of the decree by Shaikh Maktoum Bin Rashid Al Maktoum, Deputy Prime Minister of the UAE and Crown Prince of Dubai, amending the Customs Law. In terms of the amended law, the four per cent tariff is now leviable on all goods imported into the emirate by land, sea or air except those items which were exempted under the earlier Customs Law.
Markets, oil drop in Asia but bitcoin edges towards $50,000
HONG KONG: Markets fell in Asia on Friday in holiday-thinned trade with investors awaiting developments in US stimulus talks, while...
