On 10 May 2020, the Saudi Arabia Government has decided to raise value-added tax (VAT) from 5% to 15% on all goods and services as of July 2020. The government will also suspend the cost of living allowance from June as part of the austerity steps. The measures have taken to protect the economy and to overcome the global COVID-19 pandemic and its financial and economic effect with the least possible damage.
Saudi Arabia: Government hikes VAT to 15% as of July 2020
May 13, 2020
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