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With the escalation of its economic crises, the Saudi regime increases the value-added tax

2020-07-02T20:15:52.321Z


Riyadh-Sana The decision to increase the value-added tax in Saudi Arabia from 5 to 15 percent has come into effect


Riyadh-Sana

The decision to increase the value-added tax in Saudi Arabia from 5 to 15 percent came into effect today in the midst of austerity campaign by the Saudi regime as its stifling economic crises escalated.

And Agence France-Presse quoted dealers as saying that this week saw a significant increase in sales from homes to cars, electrical appliances, gold and others to avoid the new tax by citizens.

The Saudi regime began collecting value-added tax in 2018, amid persistent deficits in annual budgets in the period after the collapse of crude prices, and also imposed other taxes, including additional residence fees for foreigners.

The International Monetary Fund expected that the gross domestic product of Saudi Arabia, the world's largest oil exporter, would contract by 6.8 percent this year, in its worst performance since the 1980s.

The Saudi regime is experiencing a stifling economic crisis as it started some time ago to obtain funds through borrowing, as oil prices fell in the markets and its budget deficit continued for the eighth consecutive year, while continuing its aggressive war on Yemen, its support and financing for terrorist organizations in Syria, and its reckless policies in the region that drained Much of its resources, the largest of which is oil.

Source: sena

All business articles on 2020-07-02

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