Saudi Arabia triples VAT to support coronavirus-hit economy
Shortpedia
Content Team
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Saudi Arabia who first introduced VAT two years ago is now tripling its value-added tax to support its coronavirus-hit economy. The government in Riyadh will also stop its cost of living allowance to boost state finances. The VAT will be increased from 5% to 15% as of 1 July. The oil-rich nation has witnessed its income plummet as the impact of the deadly pandemic has resulted in global energy prices going down.
