The Minister of Finance and Chairman of the Board of Directors of the Zakat. Tax and Customs Authority of Saudi Arabia. Mohammed bin Abdullah Al-Jad’aan. issued a resolution to amend the category of customs duties to protect and encourage national industries and local agricultural products. according to the limits committed by the Kingdom to the World Trade Organization. The new resolution will come into force on June 12, 2022.
According to the resolution. customs duties for (99) goods were raised to protect and encourage national industries. and local agricultural products based on requests from the Ministry of Industry and Mineral Resources and the Ministry of Environment. Water and Agriculture.
The new resolution will increase the demand for domestic production in various areas. mainly agricultural, fish and other diverse areas.
The Kingdom is counting on the industrial and agricultural sectors. to increase production and reduce imports from abroad as part of food security efforts. which became significantly more important after the Corona crisis and the Russian-Ukrainian war.
In this context. The Multi-Agricultural Support and Promotion of National Industry programme has been launched with an independent ministry to reduce imports by up to 500 billion riyals per year. In addition, the external agricultural investment programme has been launched as well.
The first phase of customs duties adjustment to support the national industry began in 2020. and significantly impacted increased non-oil revenues.
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