Gap Fill - VAT - Level 6


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   austerity      demand      drastic      first      goods      pandemic      period      rate      revenues      tax  

Paragraph 1

Saudi Arabia is going to triple the of the value added tax (VAT) it imposes on and services. VAT will increase from 5 per cent to 15 per cent on the 1st of July. The was introduced in Saudi Arabia for the time in 2018. Government authorities say this measure is necessary to curb the effects of the coronavirus on the economy. The cut is also part of wider measures to help the economy. Finances of the oil-rich nation have been badly hit as the pandemic has seen oil prices and for oil plummet. Analysts are reporting that oil this year have fallen by almost a quarter when compared to the same last year.

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