Saudi News

Saudi Arabia Raises Tax

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.
Read More: 5 New Penalties Implemented in Saudi Arabia

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.
Read More : Gathering more then 5 persons is not allowed.

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