Saudi Arabia will not reconsider 15% VAT increase in short to medium-term: Minister

Riyadh - VAT decision had been 'difficult' but a necessary option to support the economy.



By Reuters

Published: Mon 23 Nov 2020, 8:19 AM

Last updated: Mon 23 Nov 2020, 10:22 AM

Saudi Arabia's finance minister said on Sunday that a decision to triple value-added tax to 15 per cent would not be reconsidered in the short to medium term, but might be looked into in the long term.

Speaking at a news conference closing the two-day G20 online summit, Mohammed Al Jadaan said the VAT decision had been "difficult" but a necessary option to support the economy.

Last week, acting information minister Majid bin Abdullah Al Qasabi said the Kingdom could review its VAT increase after the novel coronavirus pandemic ends.


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