El Khatib announces new export burdens refund program
Updated 10/10/2024 9:26:00 AM
Arab Finance: The Minister of Investment and Foreign Trade Hassan El Khatib has announced the new export burdens refund program, as per an official statement.
Under the new program, all the arrears due to March 1st, 2024 will be scheduled via the Ministry of Finance, while offering the option to clear any state-related dues, El Khatib noted.
Furthermore, the new program will prioritize high-value added products and integrate monetary and non-monetary export incentives, such as land allocation, labor training, tax exemptions, and international exhibitions.
The minister also disclosed that dues related to exports that fulfill the required documentation will be disbursed within a period not exceeding three months as of date of fulfillment.
In addition, the new program covers the allocation of a share in the budget to each export sector, El Khatib said, stressing the need to increase the percentage of the local components in companies.
The program also involves optimizing the returns from the launch of the new digital platform for refunding export burdens by reducing document review periods, which expedites the disbursement of dues and boosts efficiency.
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