Traders could have the option of paying the Value Added Tax (VAT) after selling their products on a monthly basis as opposed to a lump-sum at Customs, if an urgent parliamentary proposal is approved during the chamber’s weekly session today.
Parliament’s financial and economic affairs committee chairman Ahmed Al Salloom – who is spearheading the proposal – said that the move will enhance the market by providing companies with the necessary liquidity to trade freely.
It was also signed by Parliament Speaker Fouzia Zainal, legislative and legal affairs committee chairman Fadhel Al Sawad and vice-chairman Mohammed Al Abbasi, and MP Ali Eshaqi.
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