Saudi Arabia issues resolution amending customs duties on certain goods
On 15 July 2024, Saudi Arabia's Finance Minister and Chairman of the Zakat, Tax and Customs Authority (ZATCA) issued Minister of Finance Resolution No. (1-88-1446) (Resolution), amending the customs duty rates applicable to certain goods, for the purpose of protecting and encouraging national industries and transactions involving local agricultural products. The Resolution was published in the Official Gazette and the amendments entered into force on 16 July 2024.
The Resolution was issued in response to a request from the Ministry of Industry and Mineral Resources to raise customs duty rates for certain goods to protect and encourage national industries and transactions involving local agricultural products in Saudi Arabia.
Details of the amendments
The amendments are consistent with the maximum duty rates to which Saudi Arabia has committed as a member of the World Trade Organization (WTO). The customs duty rates applicable to the three types of electrical products, as indicated in the table below, have been increased from 5% to 15%:
SRL | HS Code | Description | Current duty rate | New duty rate |
1 | 85352100 | For a voltage of less than 72.5 kV | 5% | 15% |
2 | 85352900 | Other (from self-propelled circuit breakers with a voltage greater than 72.5 kV)/electrical machinery and equipment | 5% | 15% |
3 | 85364900 | Other ("relays" with voltages over 60V)/electrical machinery and equipment | 5% | 15% |
Kaynak: Evrim
