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  • 13-05-20

    Saudi Arabia plans to raise VAT to limit COVID-19 economic effects

    (MENAFN)



    Authorities in Saudi Arabia said on Monday that the country has decided to raise the Value Added Tax (VAT) from 5 percent to set at 15 percent.

    The Saudi Press Agency said that the new tax is going to be effective on the 1st of July and it is a part of mutliple measures taken by the country to deal with the COVID-19 negative economic effects.

    Mohammad Aljadaan, The Saudi minister of finance, said that such decision are imported in order to protect the economy of the country.

    According to the official, the country has been negatively affected by an unprecedented drop in the demand of oil, which has reislted in a decrease in oil prices, as the precautionary measures to stop the coronavirus spread has also imapcted many local economic activities.

    MENAFN1305202000450000ID1100156238

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