The Kingdom of Saudi Arabia’s (KSA) Minister of Finance has issued the Ministerial Decree No. 59334 dated 10/11/1443 AH (corresponding to 9 June 2022), increasing the customs duty rates for 99 products, primarily focusing on foodstuffs, beverages, industrial and agricultural products. As reported in the ministerial ordinance, this is aimed at promoting and protecting local industries and agricultural products.
The newly raised rates range from 5.5% to 25% and came into effect on June 12, 2022. In addition, it should be noted that tariff increases were introduced in June 2020, which had a significant impact on various sectors of the economy and led to an overall tariff increase.
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