Saudi Gazette report

RIYADH — The Saudi Zakat, Tax, and Customs Authority has established new regulations for the operation of Bonded Zones within the Kingdom.

These guidelines are designed to outline the legal framework for licensing Bonded Zones and to set standards for activities conducted within these areas. The regulations also clarify the responsibilities of operators and the Authority's oversight and regulatory powers over these zones.

Key aspects of the regulations include detailed procedures for Bonded Zone licensing and activities, conditions for license applications, as well as the specific requirements, standards, and obligations for operating within these zones. The rules also address the responsibilities of operators and the Authority.

Bonded Zones serve as specialized customs areas where importers, exporters, and logistics companies can store goods and undertake logistics activities with suspended customs duties and taxes until the goods are either introduced to the local market or re-exported.

This arrangement is pivotal in enhancing the efficiency of trade by offering flexibility in managing financial liquidity, providing a supportive regulatory environment to foster commercial growth, streamlining clearance, storage, and re-export processes, and facilitating import and export procedures for shipments within the Bonded Zones. These measures are part of Saudi Arabia's strategic plan to establish itself as a global logistics center.