ArabFinance: Finance Minister Mohamed Maait issued a resolution amending some provisions of the executive regulations of the value-added tax (VAT) law, according to a statement by the finance ministry on January 12th.

The amendment included defining controls and procedures for benefiting from exemptions imposed in the recent amendments of the law.

The executive regulations of the VAT law specify the procedures for suspending the payment of the tax due on machinery and equipment imported from abroad or purchased from the local market for use in factories.

Suspension of tax payment shall be for one year from the date of release of machinery and equipment from customs or purchase from the local market.

If the import of machinery and equipment is for the purpose of trade, the importer must submit to the competent customs documents proving the supply to the industrial producer for use in the industrial production licensed for the factory or production unit.

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