Saudi Arabia Increases VAT and Other Financial Measures
Saudi Arabia announces to suspend the cost of living allowance and increasing the value-added tax (VAT) as part of measures to address the impact of the Coronavirus crisis.Saudi Arabia triples VAT to Support EconomySaudi Finance Minister Mohammed Al-Jadaan said the twin measures are part of efforts to shore up state finances, which have been battered by low oil prices and the Covid-19 pandemic.Al-Jadaan warned last week that Saudi Arabia would have to take "strict and painful measures" to deal with the coronavirus crisis and falling worldwide oil prices.Al-Jadaan said, we must reduce budget expenditures sharply and some government projects may be slowed down to reduce expenditure.Current actions taken to date to cut spending are not enough, and Saudi public finance...