Money & BusinessSaudi Arabia

Saudi Arabia to reconsider VAT upon GDP growth

The Minister of Finance Mohammed Al-Jadaan has said that tripling value-added tax (VAT) to 15% was the best among the bitter choices the government took during 2020.

The Minister of Finance said that the Kingdom saved more than SR400 billion from government spending and the private sector contribution rose from 45% to 51% in 2020.

“Saudi Arabia will reconsider the value-added tax (VAT) upon achieving certain objectives, such as the Kingdom’s gross domestic product (GDP) growth, economic broadening, and a steady rise in oil price,” Al-Jadaan added.

The Minister of Tourism Ahmed Al-Khatib, said that the Vision aimed to “improve the lifestyle in the Kingdom’s cities” by raising the attractiveness of living in cities, by focusing on sports, entertainment and tourism facilities.


Saudi Gazette

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