In one fell swoop, VAT will triple in Saudi Arabia

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Saudi Arabia will triple its sales tax to help reduce the economic damage caused by the coronavirus, hvg.hu wrote in the wake of the BBC.

The tax rate, which was introduced just two years ago, will increase in one step: it will be 15 instead of 5 percent as of July 1. portal.

In addition, the payment of the per diems will be suspended from June 1. Since 2018, beneficiaries have received a monthly allowance of 1,000 riyals, that is, approximately 90,000 forints, for employees of state companies.

Saudi Arabia’s budget turned into a $ 9 billion deficit in the first quarter of 2020 due to a drastic drop in oil prices.