FeaturedMoney & BusinessSaudi Arabia

Saudi: No plan to cut VAT rate any time soon

- Advertisement -

Saudi Arabia has no plans to reduce the rate of value-added tax (VAT) in the near future. The decision on VAT will be reviewed after several years and when the public finances improve.

The goal of the increased rate of VAT was to deal with the economic repercussions of the coronavirus pandemic. When the public finances improve after several years, most likely within five years, it will be reexamined. Saudi Arabia raised VAT from 5 percent to 15 percent in May 2020 as part of austerity measures to support its pandemic-hit economy.

See also  India widens coronavirus curbs as infections increase

The Kingdom’s general budget is expected to record a deficit by the end of this year.

Comments

- Advertisement -
Source
Saudi Gazette

Related Articles

Back to top button