The General Authority of Customs in the Kingdom of Saudi Arabia announced the lists of goods scheduled to increase as of next June 10, and this comes in support of the Council of Ministers’ decision issued on 8/28/1441 AH.
The authority is scheduled to raise customs duties on pallets from 5% to 10% and hot-rolled flat products from 5% to 10-15%, depending on the product, and on coated products from 5% to 12-15%, depending on the product.
It will raise tariffs on coil wire from 10% to 20%, and on rebar from 10% to 15%.
Attached is the complete list of steel products to which the decision will be applied.
The tariff increase comes at a time when Saudi government spending plans have been significantly reduced due to lower oil prices and the economic impact of the coronavirus pandemic.
The government previously announced its intention to raise the value-added tax from 5% to 15% from July 1.