Saudi Arabia to Increase Customs Duties on Range of Imports
Saudi Arabia’s customs authority announced a range of increased customs rates covering agricultural goods, consumer products, chemicals, vehicles and more, according to a June 1 KPMG post. The rates will increase by anywhere from 0.5% to 15% beginning June 10.…
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Impacted agricultural products include poultry, meat products, seafood, dairy, vegetables and olive oil. The increased duties will also impact a range of chemicals -- including carbon and silicon -- building materials and emergency vehicles. The change represents an “unexpected increase” in costs for Saudi importers and other supply chain actors, KPMG said. Some importers may be able to mitigate the portions of the increased duties by reviewing tariff codes and making use of available customs exemptions and reductions, the post said. Saudi Arabia's announcement comes one month after the country said it plans to triple its value-added tax rate (see 2005110024).