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Coronavirus: Saudi Arabia to review VAT increase after Covid-19 crisis ends
Saudi Arabia will review its VAT increase after the coronavirus pandemic ends, the Kingdom’s acting media minister said on Thursday.
Riyadh - Saudi Arabia tripled value-added tax to 15 per cent in July to offset the impact of lower oil revenue on state finances.
Saudi Arabia's acting information minister on Thursday said the Kingdom could review its VAT increase after the novel coronavirus pandemic ends.
Saudi Arabia tripled value-added tax to 15 per cent in July to offset the impact of lower oil revenue on state finances.
"This decision is like any other decision, it can be revised God willing when this crisis is over," Majid bin Abdullah Al Qasabi told reporters at a news conference, referring to the global pandemic.
The decision to triple VAT earlier this year was a "painful" one, Qasabi told reporters in a news conference.
"As his highness the Crown Prince said in his speech a few days ago, the decision to increase the VAT was a very painful decision."
Al Qasabi added that consumer protection is a top priority for the Kingdom and it would not allow people to be exploited.
As such, 370,000 inspections have been carried out in 13 regions, during which more than 3,700 violations were recorded and nearly 500 tonnes of food items were confiscated.
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