Wednesday, 26th July 2006 (4340 views)

Jewellers in Bahrain are being sent a questionnaire to gather views on the prospect of the country scrapping customs duty on all gold products that enter from fellow Gulf Cooperation Council (GCC) member states.

The questionnaire has been compiled by the Bahrain Chamber of Commerce and Industry (BCCI) and will seek the views of those involved in the industry to see whether a move to scrap duty would be welcomed.

Dr Ahmed Jassim Al Tahoo, the chairman of the BCCI committee in charge of the policy review, said he believed trade in gold jewellery in the Gulf would be bolstered by a duty-free market.

"The exemption of customs duty is a possibility but we wish to take the trade into confidence before we make an official representation to the government," he told Bahrain's Gulf Daily News.

Dr Tahoo specifically cited re-imported gold as a major bone of contention among traders.

"When gold is first imported customs duty is charged but when it is re-imported after being sent out [for exhibitions or for crafting elsewhere], customs duty is charged again," he said, noting that many believed duty should be charged only once.

A final decision on the matter is expected in the next few months.

 

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