Taxation
UAE ATA Carnet System to kick off in April
The United Arab Emirates (UAE) is set to implement the ATA Carnet System starting 1 April, bringing to 69 the number of countries using this international system, reducing paperwork and costs for businesses travelling with goods.
Businesses have been very keen for the UAE in particular to join the ATA system, so that they can use their Carnets while travelling to, or through, the federation – a key business hub and host to many events in the Middle East.
The ATA Carnet is an international customs document that allows for the duty-free and tax-free temporary import of goods for up to one year. It is particularly useful for businesses bringing samples to customers, exhibiting at trade fairs or transporting equipment. They improve opportunities for businesses by both reducing customs procedures, as well as significantly minimizing heavy deposits.
“ATA Carnets are simple to use and help companies save time and money,” said Peter Bishop, Chair of the ICC World Chambers Federation (WCF) World ATA Carnet Council (WATAC). “The UAE was a priority region for us to bring into the ATA system due to popular demand among businesses.”
The UAE draws a wide range of visitors with equipment for trade shows, concerts and sporting events – including Formula 1 racing.
The ATA system is being introduced into the UAE with the help of the Dubai Chamber of Commerce and Industry, which in December 2010 invited WATAC for a Carnet seminar as a starting point in the process.
WATAC is the International Chamber of Commerce (ICC) working body responsible for administering the international guarantee chain for ATA Carnets, which function much like a passport for goods. The chain includes chambers and business organizations that have been appointed by their national customs authority to issue and guarantee Carnets.
Prior to UAE, Moldova and Macao joined the chain in 2010. More than 150,000 Carnets are issued worldwide every year, at a value of over US$17 billion, covering a wide range of equipment and goods, with the exception of perishable items or those being shipped for processing or repair.
Mexico, along with Bosnia and Herzegovina, is expected to join the ATA system soon.
For more information on ATA Carnets, please click here.
