Saudi Arabia Deferring Customs Duties for 21 Days
Saudi Arabia recently announced plans to defer customs duties on imports for up to 21 days, a March 29 KPMG blog post reported. The initiative, which took effect March 15, is intended to incentivize investment in the country and “encourage…
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new entrants to the market,” the post said. The initiative is for “postponement of import taxes for a period of up to 21 days following the date of the clearance of the goods for home consumption in the Saudi market.” KPMG also said that Saudi Arabia on July 1 will begin requiring suppliers and manufacturers to obtain a national certificate of conformity for “electro-technical equipment and components” before those goods can enter the country. Such goods include “electrical cooking utensils (such as water boilers, all coffee-making devices), electric oil fryers, certain small electric pumps, electric power cables, and game devices and their accessories.”