RIYADH — The Board of Directors of the Zakat, Tax and Customs Authority has decided to increase customs duties for 99 commodities.
This is in line with the request of the Ministry of Industry and Mineral Resources and the Ministry of Environment, Water and Agriculture to achieve the purpose of protecting and encouraging national industries and local agricultural products.
The authority took the decision as part of the amendment of the customs fees structure, and that is in accordance with the decision of the Board of Directors of the authority and based on the powers granted to it, the official Saudi newspaper Umm Al-Qura reported on Sunday.
The amendment of the category of customs duties was meant to protect and encourage national industries and local agricultural products, according to the ceilings that the Kingdom committed to the World Trade Organization.
The board decision stated as follows: “The fees were also modified according to what was stipulated by Royal Decree No. (M/39) dated 4/25/1442 AH, and a decision by Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority, and after coordination with the General Authority for Foreign Trade, to conduct a joint study from both sides, to show the expected economic impact before any amendment is made.”
© Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).