State subsidy for citizens detained, VAT 3 times

The Middle Eastern country of Saudi Arabia is facing a severe economic crisis due to Kovid Nineteen. As a result, the country has taken important steps to overcome the crisis. The country’s finance minister has already announced measures in this regard. According to the announcement, the state special allocation for Saudi citizens will be suspended. At the same time, VAT for citizens has tripled immediately.
Almost every country in the world has suffered economically due to Kovid Nineteen. However, Saudi Arabia is a country with an oil-based economy. The Saudi economy is in a state of disarray due to falling oil demand due to global blockades. Being a conservative country, the country has no economic diversity. Thinking of such a situation, the Crown Prince of the country, Mohammed bin Salman, was pushing conservatism away and moving towards liberalization. Vision-2030 announced to diversify the economy. It introduced various forms of entertainment in the country in the style of Westerners. But even before the visionary prince’s idea, Saudi Arabia has to deal with that economic catastrophe.
The oil-rich country is going to take two very drastic steps to revive its economy. Saudi Finance Minister Mohammed al-Zadan said in a statement that the special subsistence allowance would be suspended from June 2020 and VAT would increase from 5% to 15% in July. Life in Saudi Arabia is already expensive If the subsidy is stopped and the VAT triples, life will be more difficult But the government believes that such measures are necessary to tackle the growing economic crisis. The government hopes to triple VAT and cut monthly allocations to provide 10 trillion rials (৬৬ 280 million) to the treasury.