RIYADH: In an effort to boost Saudi Arabia’s industrial competitiveness, the Saudi Export Development Authority has introduced a new service called “Exemption for Export.” The program, which was created in partnership with the Ministry of Industry and Mineral Resources, enables businesses to take advantage of exemptions from customs duties on inputs used to produce export goods. This is in line with the Kingdom’s Vision 2030 objective of increasing non-oil exports and diversifying the economy.
The service, which covers industrial inputs like personnel, raw materials, fuel, buildings, and equipment, is intended to provide Saudi firms a competitive edge by lowering export-related expenses. Companies must have a current industrial license and apply for an exemption for materials specified under the approved industrial capacity of the Ministry of Industry and Mineral Resources in order to be eligible. The materials must also be the same as those listed in the business’s industrial license.
Additionally, a company’s export performance during the previous 12 months determines its eligibility for the exemption. Once authorized, the procedure is rapid and effective; requests for exemptions are normally handled in five business days. Applications for customs exemption under the export category can be made by businesses through the Ministry of Industry and Mineral Resources’ “Sina’ai” platform.
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