Saudi Special Economic Zone to Provide Duty, Tax Suspensions for Certain Imports
Saudi Arabia recently introduced regulations for a special economic zone that will provide customs and tax exemptions for certain imported goods, KPMG said in an April 5 post. The zone, near the King Khalid International Airport in Riyadh, will exempt…
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traders from paying duties on imports until the goods are moved into mainland Saudi Arabia for domestic consumption, KPMG said. The exemption also applies to value-added taxes on supplies and transactions occurring “with respect to goods” in the zone. Companies operating in the zone will have to submit an annual certification of compliance and keep records of their activities and transactions.