Saudi crown prince: VAT increase temporary, no plans to introduce income tax
- Date: 28-Apr-2021
- Source: Salaam Gateway
- Sector:Economy
- Country:Saudi Arabia
Saudi crown prince: VAT increase temporary, no plans to introduce income tax
Saudi Arabia's threefold increase of value-added tax is temporary and there are no plans to introduce income tax, said crown prince Mohammed bin Salman in a TV interview on Tuesday (April 27).
The government increased VAT from 5% to 15% in July last year to boost state finances hit by lower oil prices, a move the crown prince described on Tuesday as “painful”.
The current VAT rate will last one to five years and then go down to between 5% and 10%, he said.
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