Quantcast
Tuesday , August 22 2017
Breaking News
Home / International Customs / Saudi Arabia takes up new customs system
Saudi Arabia takes up new customs system

Saudi Arabia takes up new customs system

RIYADH: A new customs system has been announced by the Secretary General of the Council of Saudi Chambers (CSC) which will aim to facilitate easier trade between Saudi Arabia and member states.

The ATA Carnet allows the importation of temporary commercial samples (jewelry, clothing, watches, leather products, etc.), professional equipment (media and video broadcast equipment, musical instruments, equipment for seminars and meetings, etc.), and goods used for trade fairs or exhibitions (antiques, art, booths, etc.). Exports and imports are tax and duty-free for up to a year, which removes the need to buy temporary import bonds. If these goods are re-exported within the ATA timeframe, then no duties or taxes will be charged. Consumer goods, used items, and things going to charity are not covered under the agreement.

The World Customs Organization (WCO) administers the international customs conventions, and the ICC World Chambers Federation (WCF) handles the ATA system and international guarantee. A guaranteeing organization is approved by each country’s customs body and the WCF to administer the ATA system and ensure duty and tax payment if the ATA is abused.

Mr. Al-Otaibi said this agreement represents a significant step in international trade promotion. He stated that Saudi Arabia has already received participation applications from 14 companies in 7 countries, including Spain, The Netherlands, Brazil, and Romania. More than 70 countries currently participate in the ATA Carnet. The U.A.E. was the first country in the GCC to agree to the plan, and Bahrain recently registered.