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Due to the pandemic, Hajj canceled this year
Due to an increase in the budget deficit as a result of falling oil profits, the country’s authorities decided to increase taxes.
Saudi Arabia since June 1 has suspended payment of a living wage. Reuters writes.
And from July 1, the value added tax will triple from 5% to 15%.
According to the country’s Minister of Finance, Mohammed al-Jadaan, such measures are painful, but necessary, as the country’s expenses outweigh its income. The budget deficit in the first quarter amounted to nine billion dollars.
The minister said non-oil revenues were affected by a decline in economic activity, while spending increased due to unplanned pressure on the health sector and initiatives taken to support the economy.
It was previously announced that Saudi Aramco increases oil prices in June for all markets, including Asia, the US. USA And Europe.
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