A major oil producer and exporter, Saudi Arabia, has announced that its Value Added Tax (VAT) will increase from 5 to 15 per cent in July. Also, as from June, living allowance, ordered two years ago for state and military employees, would be suspended. The Finance Ministry made the measures public on Monday. They are
A major oil producer and exporter, Saudi Arabia, has announced that its Value Added Tax will increase from 5 to 15 per cent in July.
Also, as from June, living allowance, ordered two years ago for state and military employees, would be suspended.They are part of moves to support the economy as the coronavirus pandemic dwindles revenue. Mohammed al-Jadaan, Finance Minister, explained that government’s decision was to support stability of non-oil revenues.Saudi Arabia is also planning to slash allocations for the Vision 2030 project envisioned by Crown Prince Mohammed bin Salman .
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi triples VAT, suspends monthly payment to citizensSaudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a c...
Read more »
Saudi triples VAT, suspends monthly payment to citizensSaudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a c...
Read more »
COVID-19: PTF reports Kogi governor to Buhari - The Nation NigeriaThe Task Force is also displeased with Governors Nyesom Wike (Rivers) and Ben Ayade (Cross River) for allegedly not cooperating with the committee in the fight against COVID-19.
Read more »
Police officer dies from COVID-19 complications in Ogun StateAn officer of the Nigerian Police Force (NPF) has died from coronavirus (COVID-19) complications at the Federal Medical Centre (FMC), Abe...
Read more »
Policeman dies of coronavirus in Ogun State as government raises doctors’ hazard allowanceThe Federal Medical Centre (FMC), Abeokuta, Ogun State, yesterday recorded the death of a policeman (names withheld) to coronavirus.
Read more »
China’s Ground Zero Reports Coronavirus InfectionsChina’s Ground Zero Reports Coronavirus Infections
Read more »