No plan to review VAT: Saudi Minister of Finance

No plan to review VAT: Saudi Minister of Finance

RIYADH — Minister of Finance Mohammad Al-Jadaan said that there is no plan at present to reconsider the Kingdom's value-added tax (VAT) policy in the short and medium term.The Saudi government hiked the VAT rate from five percent to 15 percent effective from July 1, 2020, as part of additional measures taken to offset the economic impact of the coronavirus crisis due to the decline in government revenues resulting from low oil prices, reduced economic activities and increased cost of healthcare services.Addressing a joint press conference with Minister of State, Member of the Cabinet and Saudi Arabia's G20 Sherpa Dr. Fahd Almubarak, at the end of the G20 Summit on Sunday, Al-Jadaan said that the Kingdom has presented initiatives worth more than SR200 billion to confront the repercussions of the coronavirus pandemic. “Many international institutions are coordinating measures to ensure the provision of coronavirus vaccine for everyone. The G20 has stood in the face of the challenges with its utmost keenness to provide essential support to major global institutions,” he said.According to Al-Jadaan, the G20 summit's final communiqué was approved unanimously by all member countries, but Turkey wanted its “voice to be heard.” “Turkey, without a doubt, as Crown Prince