The Saudi Arabian Government recently announced that the VAT or Value Added Tax will be increased from 5% to 15% as of July 1st, 2020. The increase is one of several measures that have been taken in response to steadily declining government revenues associated with the impact of the Coronavirus on the Saudi Arabian economy.
In order to mitigate the developmental and economic impact of the Coronavirus on the Saudi Arabian private sector, the General Authority of Zakat and Tax (GAZT) recently launched a number of incentives that will provide support for taxpayers and stimulate the economy.
On March 20th, the Saudi Arabian Ministry of Finance published the details of its economic relief measures to benefit businesses that have suffered during the COVID-19 pandemic.
“Saudi Arabia is now shifting its interest from studies to creating sustainable environments for attracting investments,” stated Mohammad Al Tuwaijri, the Minister of Economy and Planning in Saudi Arabia. There are three pillars for catching in incentives, and they are creating clear strategies for measuring performance, offering diversified sources of finance by way of lucid […]
The production of crude oil in Saudi Arabia has slowed down significantly last year, from 10,643 BBL/D/1K in December 2018 to just 9,890 BBL/D/1K in November 2019.