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Bahrain Implements ATA Carnet System

by Lorys Charalambous, Tax-News.com, Cyprus

02 May 2014


Bahrain has implemented the ATA Carnet system, allowing, for up to one year, the temporary duty and tax-free export and import of goods bound for another territory.

Bahrain is the 74th country in the world to adopt the system, and the second Gulf Cooperation Council (GCC) member state to do so, after the United Arab Emirates (UAE). The ATA Carnet system will be operational in Bahrain on June 1, 2014. The Carnet eliminates the need to purchase temporary import bonds. So long as the goods are re-exported within the allotted time frame, no duties or taxes are due.

"With the implementation of the ATA Carnet System in Bahrain, the national economy will benefit from simplified customs procedures," said Nabeel A Rahman Al-Mahmood, Acting CEO of the Bahrain Chamber of Commerce and Industry.

"Facilitating the movement of goods across borders is essential to keeping the global economy on the path to recovery. We can anticipate that Bahrain's implementation of the system will lead the way to more countries in the region, notably Saudi Arabia and Qatar, joining in the near future," said ICC WCF ATA Carnet Manager.

The ATA carnet system is administered by the International Chamber of Commerce's (ICC's) World Chambers Federation (WCF) and the Brussels-based World Customs Organization (WCO).

TAGS: United Arab Emirates | tax | business | Saudi Arabia | Bahrain | Qatar | Gulf Cooperation Council | trade | Middle East

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