Saudi Government raised the amount of tax from about 2 years now. As the oil prices decreased in the international market the Saudi Government had a huge blow. And had to impose tax on their people. As a result many Saudi expatriates left the country. But that stabilized the country’s economy.
Custom Tax is Raised Again
The Saudi Customs Department has said that,
From June 10, 2020, according to the decision of the Saudi cabinet, the customs duty on food products will be increased from 3 to 25 percent.
Different Rates for Different Items!
The Saudi Customs Department has issued a list of food items on which the new customs duty will be imposed. According to local newspaper,
7% customs duty will be imposed on mutton and goat meat. So far there was no customs duty on it. Customs duties on other animals, fresh bird meat and frozen meat will increase by 20 to 25 percent.
Fish Rates a Bit on the Lesser Increase
The Saudi Customs Department said that the customs duty on all kinds of fish would be increased by 3 to 6 percent while the customs duty on dairy products and all kinds of beverages would be increased by 5 to 10 percent.
Vegetables can’t find their way out
In addition, customs duty on certain types of cheeses will be increased from 5 to 6 percent. There will be a customs duty of up to 15% on different types of vegetables. Until now, customs duty was not imposed on these vegetables.
After this announcement there would be a gradual decrease in the imports. But it will defiantly benefit the country’s economy and will help them to grow. As a result the countries produced good will be used more and more in the country and will allow the circulation of the money better.