Saudi Arabia planned to raise import duties on certain steel products from June 10th, officials said last Friday (May 29th).

The country's new tax rates all met the World Trade Organization (WTO)'s ceilings. Moreover, the country was expected to raise its value-added tax from 5% to 15% from July.

Saudi Arabia's economy was hit by the novel coronavirus epidemic and a collapse in oil prices.

Details of tax rate changes are as follows:
Billet (HS code 7207-): increasing from 5% to 10-12%
Hot-rolled steel plate (HS code 7208-): increasing from 5% to 10%, 12% or 15%
Cold-rolled plate (HS code 7209-): increasing from 5% to 15%
Coated plate (HS code 7210-): increasing from 5% to 12%, 13% or 15%
Strip (HS code 7210 and 7211-): increasing from 5% to 10-12%
Structural steel and angle steel (HS code 7212-): increasing from 5% to 12%
Bars and rods (HS code 7213-): increasing from 5% to 20%
Rebar (HS code 7214-): increasing from 5% to 15-20%
Section steels (HS code 7216-): increasing from 5% to 12-15%
Alloy plate (HS code 7225 and 7226-): increasing from 5% to 12%