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  • 11-09-21

    Saudi Arabia to decrease its value-added tax from its current 15 percent rate to 10 percent

    (MENAFN)Riyadh Capital Chief Investment Officer Hans-Peter Huber declared that Saudi Arabia may decrease its value-added tax from its existing 15 percent volume to 10 percent to counter a slowdown in the country’s non-oil economy in the second six months of 2021.

    According to Crown Prince Mohammed bin Salman, in July 2020, the rate was increased from 5 percent to support enlarged government spending in return to COVID-19.The improvement in VAT to 15 percent was a temporary measure and is going to be put back to amid 5 percent and 10 percent within one to five years, once public finances are returned to balance.

    Huber further declared during an interview that the increase in oil prices is going to return positively on Saudi GDP, also is going to help the Kingdom recover its foreign reserves.

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