Saudi Arabia to reconsider VAT upon GDP growth
- Date: 02-May-2021
- Source: Gulf Insider
- Sector:Economy
- Country:Saudi Arabia
Saudi Arabia to reconsider VAT upon GDP growth
The Minister of Finance Mohammed Al-Jadaan has said that tripling value-added tax (VAT) to 15% was the best among the bitter choices the government took during 2020.
The Minister of Finance said that the Kingdom saved more than SR400 billion from government spending and the private sector contribution rose from 45% to 51% in 2020.
“Saudi Arabia will reconsider the value-added tax (VAT) upon achieving certain objectives, such as the Kingdom’s gross domestic product (GDP) growth, economic broadening, and a steady rise in oil price,” Al-Jadaan added.
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