Ministry of Finance Kingdom of Saudi Arabia has raised the VAT – TAX from 5% to 15% starting from the month of July 2020. and cost of living allowance will be suspended. The Measures are taken to over come the financial impact on economy due to COVID-19 pandemic crises.
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Saudi Arabia Has been going through one of the toughest phases of all time due to COVID-19 pandemic situation. 87% Saudi Revenue generated by petroleum industry. which is completely collapsed. Oil prices from 65$ per barrel reaches to 15$ per barrel, which affect badly to saudi economy.
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The government has also taken some decisions to reduce the expenditure amounting to SR100 billion which include a number of Vision Realization Programs and major projects for the fiscal year 2020.
Worldwide, the COVID-19 has infected more than 4.18 million people as of early Monday, with the death toll reaches to 283,000 since the corona-virus was first detected in Wuhan, China last December.
News Reference : https://www.mof.gov.sa/mediacenter/news/Pages/News_11052020.aspx