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Saudi Arabia plans to increase customs duties on steel products

Arab Countries, Steel News

Saudi Arabia plans to increase customs duties on steel products

 

 

 

 

 

Saudi Arabia plans to increase customs duties on a variety of steel products to the maximum “bound rates” permitted by the World Trade Organisation.

 

 

Effective 10 June, the customs duty on billet will rise from 5% to 10%, the tariff on hot rolled flat products will increase from 5% to 10-15%, depending on the product, and on coated flats from 5% to 12-15%, depending on the product. The tariff on wire rod will hike from 10% to 20%, and on rebar will grow from 10% to 15%. The full list of products affected is available from Saudi Customs.

 

 

The tariff increase comes at a time when Saudi government spending plans have been drastically curbed by the reduction in oil prices and economic impact of the Covid-19 pandemic.

 

 

The government earlier announced its intention to treble VAT to 15% from 1 July as a way of raising additional revenue.

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