New Customs Tariff Raising Prices of Goods Sparks Controversy
January 11, 2025, 1:19 pm

New Customs Tariff Raising Prices of Goods Sparks Controversy

مول الحمرا

The significant increase in customs tariffs on imported goods through border crossings in northern Syria has led to what has been described as a "mad" rise in prices for food items, essential supplies, and various imported goods. As a result, many commercial companies and wholesale stores suspended all their activities on Saturday until further notice.

Observers have estimated that the increase in customs tariffs ranges between 100% to 500% of the price of the goods, with variations based on the type of goods.

Here is a list of the customs tariffs for "one ton" of prominent market items before and after the new decisions:
- Bulgur: from $10 to $50
- Rice: from $10 to $50
- Sugar: from $10 to $50
- Lighters: from $50 to $1000
- Flour: from $2 to $20
- Ghee: from $10 to $110
- Sunflower oil: from $10 to $85
- Mortadella: from $50 to $500
- Diapers: from $50 to $500

In this context, Mazen Aloush, Director of Relations at the General Authority for Land and Sea Ports, stated that "the customs fee schedule aims to protect local products by encouraging industry through reduced fees on raw materials." He added that "the new schedule seeks to support the industrial sector and attract investments by offering exemptions, contributing to raising the living standards of citizens and supporting both the industrial and agricultural sectors."

On the other hand, economic researcher Hayan Hababa commented that the customs tariffs will have a negative impact solely on the residents of northern Syria, unlike the other Syrian provinces where this decision has helped reduce prices. He pointed out that this could lead to economic contraction and inflation in the markets, a trend evident today in the closure of stores and commercial companies in the town of Sarmada in Idlib countryside.

Hababa further stated to "Syria TV": "The state treasury is in a very precarious position, as all resources, such as oil wealth, are still outside the treasury, in addition to the halt of export operations. Likewise, neither livestock nor agricultural resources are providing any notable revenue. Therefore, how will the new Syrian administration cover its expenses? The state is forced to rely on taxes as the primary source of revenue, otherwise, it will be at risk of collapse."

He explained that "the new decisions were mistaken by including essential and necessary items for people's lives. These items should have been exempt from the new customs tariffs and restricted to industrial, commercial, and luxury goods."

He concluded by saying: "These tariffs aim to unify prices across all Syrian regions, and I propose modifying them to exempt essential goods so that they align with various social groups, particularly the residents of displacement camps, while simultaneously forming monitoring committees to oversee prices in the markets and prevent monopolies and price manipulation among traders."

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.