Saudi finance minister OKs amendments to unified GCC Customs Law

Saudi finance minister OKs amendments to unified GCC Customs Law

RIYADH: Saudi Finance Minister Mohammed Al-Jadaan, who is also chairman of the Zakat, Tax and Customs Authority, has approved amendments to the executive regulations of the Uniform GCC Customs Law, Argaam reported citing the official gazette Umm Al Qura.

As per the amended rules, customs duties on foreign commodities re-exported outside the Gulf Cooperation Council should be refunded, in whole or in part, provided that the exporter (re-exporter) is the importer in whose name the foreign commodities are received, or any person who proves ownership to the Customs Department.

In addition, the re-exported foreign commodities whose customs duties are to be refunded should be from one dispatch, to identify and match them with the import documents, Argaam reported.

Value of the foreign commodities to be re-exported and on which the new rule is applicable should not be less then SR20,000 ($5,332) or its equivalent in other GCC currencies.

The report said: “The refund request should be for foreign commodities that were not used locally after importing from outside the GCC region, and in the same condition they were upon import.

“The foreign commodities should be re-exported within a calendar year from the date of paying the customs duties when importing them for the first time from outside the GCC.”

The refund should be requested within six months from the date of re-export.

~ Arab News