2005 News Story

Praise for Cabinet decision on cement exemption from import tax

Minister of Commerce and Industry Dr Hashim Yamani today praised the decision of the Council of Ministers yesterday to exempt from customs tariffs imported cement coming from non-GCC countries, effective May 17, 2005 [9/4/1426 H] until January 1, 2006 [1/12/1426 H] when a 5 percent import tax is imposed. This decision, he said, will lead to an influx of large quantities of cement into local markets to meet increasing demand.

Meanwhile, Minister of Finance Dr Ibrahim Al-Assaf confirmed that in order to alleviate the situation of cement importers, particularly those engaged in housing construction, the Government of Custodian of the Two Holy Mosques King Fahd bin Abdulaziz has decided to shoulder the tariff on cement imported from non-GCC countries until January 1, 2006. The 5 percent fee will in fact go into effect today, May 17, 2005 [9/4/1426 H], as agreed upon with the other five members of the Gulf Cooperation Council (GCC); it replaces the previous tariff of 20 percent.