Saudi finance minister cancels import duty on wheat

Saudi Arabia’s Minister of Finance and Chairman of Zakat, Tax and Customs Authority (ZATCA), Mohammad Al-Jadaan, issued a resolution on canceling import duty on wheat.

The resolution came as per the authority granted to the finance minister and in line with the Royal Decree related to the amendment to item no. 2 of the Financial Decree No. M/9 dated 1393H, as follows:  

“As per a resolution from the Minister of Finance and Chairman of ZATCA, the category of customs duties may be modified for the purpose of protecting and encouraging national industries and local agricultural products, according to the ceilings that the Kingdom has committed to in the World Trade Organization.

“This is based on a proposal from Saudi Customs, and after coordination with the General Authority for Foreign Trade, provided that a joint study is conducted by both parties to indicate the expected economic impact before making any amendment. The resolution shall be published in the official gazette, including the date specified for taking the amendment into effect.”

Agraam

Tags: Saudi Arabia, wheat, economy