Saudi Gazette report
RIYADH — Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) has signed a Memorandum of Understanding (MoU) with the Korean Customs Service on mutual recognition of the financial operator program permitted by the 2 international locations.
The MoU goals to reinforce the safety of provide chains and facilitate commerce by exchanging privileges supplied to financial operators accredited by Saudi and Korean customs.
The transfer is anticipated to speed up the clearance of products in customs ports, improve commerce alternate and assist the financial system of each international locations.
The MoU, which was signed within the presence of Engineer Suhail Abanmi, governor of ZATCA, and Kwang Hyo, South Korea’s Customs Commissioner, comes with the go to of a Korean Customs delegation to the ZATCA headquarters for a 3rd bilateral assembly.
Through the assembly, the 2 sides mentioned methods to reinforce cooperation, along with plenty of widespread customs points.
ZATCA additionally reviewed through the assembly the “Clearance inside Two Hours” undertaking, which goals to unify efforts between customs clearing authorities.
Furthermore, the authority has reviewed the “Digital Worker” service, which goals to enhance the standard of digital companies supplied by ZATCA to taxpayers and prospects using synthetic intelligence applied sciences and options in all sectors of zakat, tax, and customs.