Posted by : Aahil Shaik Monday, April 29, 2019
IMPORTS OF TOBACCO PRODUCTS DROPPED BY 43% IN SAUDI ARABIA
After the implementation of the excise tax of 100% in the Kingdom of Saudi Arabia on tobacco byproducts, the imports of the products has been dropped by 43.1% in the year 2018 and stand at 1.78 billion Saudi riyals. Most Viewed : A Crocodile seen strolling on the streets near to Riyadh
Saudi Arabia imported tobacco byproducts for 3.13 billion Saudi riyals before the implementation of sin tax In the year 2017. Recommend : Haramain train to operate daily 10 trips from Makkah to Madina via Jeddah
- As per the official reports released from Saudi Customs authority, Riyadh imported 8,720 tonnes of tobacco byproducts worth 500 million Saudi riyals in the first quarter of 2019.
- Saudi Arabia started imposing a selective tax of 100% on tobacco products and energy drinks and 50% on soft and fizzy drinks. Saudi Arabia is the first GCC country to introduce selective tax after which UAE and Bahrain followed. See Also : 11.3 million expats and Saudis insured with medical insurance
- The GCC states together reached a decision of imposing taxes on those items which are harmful to the health and environment.