iPhone | iPad
Android
Huawei
Goldman Sachs, JPMorgan and Standard Chartered Bank were hired as global coordinators for the debt sale expected to price later on Tuesday
KT APPDOWNLOAD
Saudi Arabia to reconsider VAT after achieving economic objectives
Dubai - KSA had increased VAT from 5% to 15% in July 2020.
The Kingdom of Saudi Arabia (KSA) will reconsider value-added tax (VAT) after it has achieved certain objectives related to its economy and economic growth, a senior official has said.
Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance, said increasing VAT to 15 per cent was the best decision among the tough choices that the government had to make last year.
“Saudi Arabia will reconsider the value-added tax upon achieving certain objectives, such as the Kingdom’s gross domestic product growth, economic broadening, and a steady rise in oil price,” Al Jadaan said, according to the Saudi Gazette.
KSA increased VAT from five per cent to 15 per cent from July 1, 2020. This decision was taken by the Saudi government in response to the economic impact of Covid-19 and the decline in revenues from lower oil prices.
He affirmed that taxes are an essential part of non-oil-dependent countries, indicating that the government's goal is to expand the economy to reduce the economic burden, whether in fees or taxes, off the shoulders of their nationals or the private sector.
Al Jadaan also stated that the levels of public debt to the gross domestic product (GDP) are in the range of 30 to 33 per cent, which is a very reasonable percentage compared to G-20 countries.
The Saudi finance minister said the government is focusing on reducing the unemployment rate, increasing the purchasing power of its nationals, and providing an environment that enables young men and women to start their own businesses.
waheedabbas@khaleejtimes.com
Photo: Reuters
More news from
The US also also confirmed it is outsourcing about one third of those jobs to Tata Consulting Services in India
The 48-year-old had previously pleaded guilty to 49 charges relating to 12 victims between 2003 and 2020, making him one of Britain’s most prolific sex offenders
Latest toll showed Monday's 7.8-magnitude tremor and its aftershocks killing 3,549 people in Turkey and 1,602 in Syria
While tour operators are still waiting for more details on how the process will be rolled out, they are optimistic about the change
The FAA proposes a requirement that passenger and cargo aircraft in the United States have 5G C-Band-tolerant radio altimeters or approved filters by early 2024
Coats, sweaters, gloves, and blankets are currently among the most important items for those hit by the tragedy in Turkey
This latest agreement builds on Astral Aviation’s expanding partnership with Abu Dhabi, which will see Astral Aviation operating more flights to the UAE’s capital, supported by Etihad Cargo