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Most countries in the world have been locked up to prevent coronary infections. And as a result of the blockade, the world economy has stagnated. What has affected the economy of Saudi Arabia. Saudi Arabia has decided to triple its tax (VAT) as a new measure to cope with economic pressures. The government has also said that the cost of living allowance will be withheld for now.
The Saudi Press Agency (SPA) was summoned on Monday. According to the SPA, VAT will increase from 5% to 15% from July 1. The life assignment will be suspended from June 1.
In a statement, Saudi Finance Minister Mohammed al-Zadan said the move was “painful”. But for the moment, there is no other alternative than to maintain financial and economic stability in the medium and long term. The country’s government has made this decision due to the drop in world oil prices due to the Corona epidemic.
“We need to cut the budget quickly,” he said. Some government projects may be scaled down to reduce costs.
The country’s spending has been much higher than its income in the first three months of the year due to falling oil prices. As a result, Saudi Arabia faces a budget deficit of কোটি 900 million. Since then, the country has announced an increase in the value added tax and a suspension of subsistence subsidies. Oil prices in the country have fallen a quarter in a year to Rs 3.4 billion rupees, which is 22 percent of total revenue.
Meanwhile, the country’s central bank reserves fell in March. This is the fastest decline in the past two decades. Even less than the minimum amount of reservations in 2011.
The total number of patients with coronary heart disease in Saudi Arabia is 39,046 and the number of deaths is 246. But so far 11,458 people have recovered. Source: Arab News
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