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.
