The economy adopts new procedures for granting import licenses and approvals

Damascus-Sana

The Ministry of Economy and Foreign Trade decided to subject the import of goods and goods to all importers after obtaining the initial approval and before granting the final import approval for a set of procedures, including the deposit of the equivalent of 25 percent of the value of the license or approval in Syrian pounds according to the official exchange rate specified on the date of the license request in a bank. Providing the directorates of the economy in the governorates, the Syrian Investment Authority and the industrial cities with a certified letter from the bank proving this.

According to the text of the decision obtained by SANA, 15% of the corresponding value of the said license shall be deposited and seized as import provisions in Syrian Pounds according to the official foreign exchange rate bulletin and without interest at a bank under a letter from the concerned Directorate of Economy and Foreign Trade or the Authority. Investment in the Syrian cities and industrial cities in the governorates includes the amount in foreign exchange (for the bank to calculate the corresponding amount in Syrian pounds) and the number and date of the import license project and request for approval for goods subject to the provisions of the Trade Area Agreement After depositing the said amount, the concerned bank shall provide the concerned person with a notification until the date of executing the leave or not using it according to the mentioned cases.

The decision indicated that the amount deposited may be recovered if the granting of the license is not completed or approved because it contradicts with the regulations in force or the desire of the person concerned to cancel the license or expired or the approval for which the deposit amount was paid without being used or if the importer wishes to cancel part of the license or approval after The amount deposited in the event of the importer breaching the laws in force until the settlement of the offense committed is settled.

The decision stated that the imports of the public sector and the imports of private sector contracts concluded for the benefit of public sector entities and the licenses granted as a settlement status exempted the conditions of the previous deposit.In the event that the importer to finance the license from one of the operating banks, the financing process is subject to the procedures issued by the Central Bank of Syria in this regard.

The Ministry explained that the initial approvals issued by the Ministry are considered as of 21/11/2019 implicitly not covered by the provisions of the aforementioned decision and are duly completed.

Bushra Barhoum
SANA Economic Bulletin

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