Gap Fill - VAT - Level 5


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   economy      finances      government      measure      oil      period      quarter      rate      services      time  

Paragraph 1

Saudi Arabia will triple the of value added tax (VAT) imposed on goods and . VAT will go up from five to 15 per cent in July. The said this drastic is necessary to curb the effects of coronavirus on the . The cut is also part of wider austerity measures. The oil-rich nation's have been badly hit by the pandemic. Oil prices and demand for have plummeted. Saudi Arabia introduced VAT for the first in 2018. Analysts report that oil revenues this year have fallen by almost a when compared to the same last year.

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