ZCZC
BCN-02
VIRUS-SAUDI-ECONOMY
Saudi triples VAT, halts govt handouts in austerity drive
RIYADH, May 11, 2020 (BSS/AFP) – Saudi Arabia’s finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in new austerity measures amid a coronavirus-led economic slump.
“It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1,” minister Mohammed al-Jadaan said, according to the official Saudi Press Agency.
BSS/AFP/MMA/0950HRS