The Kingdom of Saudi Arabia’s Tax Authority, The Zakat, Tax and Customs Authority (“ZATCA”) has announced a change in the customs duty rate affecting some 99 different categories of goods under the Harmonized system (HS) code. The announcement was made on the 12 of June 2022 in Umm Qura website accessible here.
Businesses dealing with the affected goods are expected to be impacted. It is anticipated that, many businesses would as a matter of prudence, commence evaluating their value chains and operating models towards accommodating these rate changes into their pricing models and overall import strategies.
Contribution: Abdul-Nafiu Mohammed
Source gov.sa
