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Investor Relations
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FinancialNews
02-01-18
Saudi Arabia and UAE introduce VAT
(MENAFN) From Monday, value-added tax has been implemented in Saudi Arabia and the UAE marking the first in the GCC where tax-free, cradle-to-grave welfare system has been embraced.
The New Year has started in Saudi Arabia with an unexpected hike of over 127% in petrol prices with instant effect from midnight.
The move is considered as sequence of measures Gulf oil procedures has introduced over the past two years to advance revenues and cut spending while ballooning budget shortfalls has resulted after a constant fall in world prices.
MENAFN0201201800450000ID1096297732
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