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The International Monetary Fund (IMF) has advised the kingdom to consider increasing the value-added tax (VAT) to 10% instead of the current 5%.
Saudi Arabia is expected to tighten fiscal policy given expectations that the budget deficit will widen this year to 6.5 percent of GDP, compared to 5.9 percent of GDP in 2018, according to IMF officials. .
The Kingdom imposed a 5% value-added tax last January to improve non-oil revenues after the oil price crisis and its impact on revenues in 2014.
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