Gold Exempt From Customs Duty in GCC
- Customs tariffs will not be charged on any gold items within GCC countries, according to a study by a consultative body formed by the states
- The study will be reviewed by all member states, before including their proposal to the Trade Cooperation Committee of the Secretariat General of GCC countries in Riyadh
- The study was prepared based on an assignment from the ministers of trade and industry in GCC countries
- An official said that there is a proposal to calculate the customs tariff on gold, based on the labour charge per gram, which will increase revenue and gold import in GCC
- The Gulf Cooperation Council (GCC) is a regional intergovernmental political and economic union made up of all Arab states of the Persian Gulf, except for Iraq
- The member states of GCC are Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain, and Oman
- Gold will be exempt from VAT in UAE, which will be introduced from January 2018
- As of 5th October, 2017, 24 carat gold in UAE is priced at AED 154.5 per gram, 22 carat at AED 145, 21 carat at AED 138.50, and 18 carat at AED 118.75
- The international gold rate is USD 1270.39 per ounce on 5th October, 2017
