Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
The KSA Zakat, Tax and Customs Authority has on 2 July 2021 issued an immediately effective new decision No. 3852 (the “Decision”) setting new customs regulations. The Decision relates to GCC countries only.
Goods that moved from free zones and duty-free markets to the customs department shall be treated as foreign goods, even if they include local raw materials or items for which customs duties were paid before entering the free zones and duty-free markets.
Verification of Origin
Rules and conditions of origin verification shall be issued under a resolution of the Governor of Zakat, Tax and Customs Authority.
Non-National Origin Commodities
A commodity shall be a non-national origin one, if any of its components is produced or manufactured in the Zionist Entity or any of the neutral elements set forth in Article (9) of the capital producing it is owned, in whole or in part, by Israeli companies or companies listed in the Arab Boycott of Israel.
There was no explanatory memo issued with the Decision. The scope of the Decision implementation including whether it will apply to all other GCC countries equally or if some countries will be exempted is still yet to be inquired.
Our Transport & Logistics sector team are available to advise on further details and product specific queries based on the Decision.