Riyadh: Saudi Arabia may reduce the rate of value-added tax (VAT). This was announced by Minister of Finance Mohammed al-Jadaan.
The value-added tax (VAT) was surged to 15% from 5% in the country in May 2020. VAT was increased to shore up finances hit by low oil prices due to Covid-19 pandemic.
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As per the data released by the Saudi Arabian government, the foreign reserves of world’s largest crude oil exporter shrank from a record high of $ 737 billion in August 2014 to $ 529 billion at the end of 2016.Saudi central bank’s net foreign assets stood at 1.63 trillion riyals ($ 434.57 billion) at the end of March. Oil prices have surged past $ 100 a barrel this year due to the Russia-Ukraine conflict, resulting in a $ 15.33 billion budget surplus for Saudi Arabia in the first three months of 2022.
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