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Saudi increases Custom Duties for 99 products
Riyadh June 13, 2022:
Saudi Arabia increased customs tariffs on 99 commodities including vegetables, livestock and fish from June 12, 2022.
Mohammed Al-Jadaan, Minister of Finance and Chairman of the Zakat, Tax and Customs Authority (ZATCA), issued the decision of adjusting the customs tariffs based on the ceilings committed by the Kingdom in the World Trade Organization (WTO). The Saudi government is hoping to use custom increases to improve the balance of payments, increase exports and bring the private sector’s contribution to the gross domestic product (GDP) to 65%.
Among the changes are customs tariffs on sheep and goats rising from zero to 7%. Twelve types of fish and shrimp have also seen a rise with a minimum of 6% and a maximum of 15% respectively. A number of vegetables including onions, cucumbers, carrots, eggplant and zucchini now have import tariffs of 5%, up from zero.
The move came pursuant to the powers granted to the finance minister to protect and encourage national industries and local agricultural products.