Saudi Arabia Triples VAT Rate
Saudi Arabia will triple its value-added tax rate in an attempt to “shore up finances” as global demand drops for its oil exports, according to a May 11 Reuters report. The country’s VAT will increase from 5% to 15%, Saudi…
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Arabia's Finance Minister Mohammed al-Jadaan said, citing the “unprecedented coronavirus crisis.” Saudi Arabia, the world’s largest oil exporter, has been significantly impacted by an oversupply of oil coupled with low oil prices, the report said.