Saudi Arabia government on Monday unveiled plans to triple its Value Added Tax (VAT) to shore up its economy hit by the crash of oil prices due
The government also said it would halt the monthly cost of living allowance for its citizens, Saudi’s official press agency reports.
According to its Finance Minister, Mohammed Al Jadaan, the VAT would be increased from 5 percent to 15 percent from July 1 while the monthly living handouts would stop from June 1. The austerity measures, he said, would boost state coffers by 100 billion riyals as the government steps up emergency plans to slash spending to deal with the economic and social blows from the pandemic.
There could be public resentment towards the new austerity measures amid coronavirus lockdown on businesses.
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