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.
