Saudi Gazette report

RIYADH — Minister of Finance and Chairman of the Board of Directors of the Zakat, Tax and Customs Authority (ZTCA) Mohammed Al-Jadaan approved the National Rules of Origin.

“The rules, consisting of 34 articles, will contribute to supporting the Gulf national industry and enhance the local content by supporting the Gulf national industry and promoting sustainable development,” he said.

It is noteworthy that the scope of application of the decision includes the national rules of origin according to which the origin of national goods from the GCC countries entering the Kingdom is determined, whether fully manufactured or semi-manufactured.

Minister of Commerce Majed Al-Qasabi stressed that the application of the national provisions and rules of origin determines the criteria for entitlement of goods imported to the Kingdom from the GCC countries for preferential customs exemptions and their treatment as national products.

Minister of Industry and Mineral Resources Bandar Alkhorayef stated that the decision would have a major role in promoting principles of fair competition and stimulating the local industrial capabilities of the GCC countries so as to be able to compete regionally and globally.

Specialists believe that the decision will enhance the development of local content and stimulate the investment environment in the Kingdom by exploiting the opportunities available in the Kingdom in various industries.