IMF did not recommend Saudi Arabia VAT tripling, official says – ZAWYA

IMF did not recommend Saudi Arabia VAT tripling, official says – ZAWYA

imf did not recommend saudi arabia vat tripling, official says saudi arabia tripled vat this month to 15%    saudis shop at the red sea mall, one of the biggest malls in city on december 10, 2015 in jeddah, saudi arabia. image for illustrative purposes.dubai- the international monetary fund did not recommend the decision taken by saudi arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the middle east amid the coronavirus-driven downturn.saudi arabia tripled vat this month to 15% as it seeks to bolster state finances badly hurt by a drop in oil prices. economists have said the move may lead to a spike in inflation and dampen economic recovery.the imf had recommended last year that saudi arabia double its vat, advice the kingdom did not follow at the time. but jihad azour, director of the imf's middle east and central asia department, told a virtual forum on thursday that the fund was not advising such hikes in the region now, during a recession.saudi arabia tripled vat this month to 15% as it seeks to bolster state finances badly hurt by a drop in oil prices. economists have said the move may