Saudi Arabia cuts dairy subsidy, hikes import tariffs: report

Saudi Arabia has lifted subsidies on dairy products, raising duties on long-life dairy imports to 25 percent from 5 percent, Al-Eqtisadiah newspaper reported on Sunday, citing the kingdom’s customs authority.

Subsidies on dairy products earlier stood at 20 percent.

The new duties, which will be fully paid by importers, now cover almost 26 dairy products.

The increase in tariff represents the difference between the duties applicable in the kingdom and those charged in other GCC countries.