Saudi Arabia’s vision 2030 was developed in 2016 and was centered on three primary themes – a vibrant society, a thriving economy and an ambitious country. The iconic vision was built by the Council of Economic and Development Affairs, which is chaired by Deputy Crown Prince Mohammed bin Salman.
On May 2nd, Saudi Arabia’s state news agency announced that Social Development Bank introduced an initiative package that would provide small businesses and sole proprietorships with 9 billion Riyals ($2.4 billion USD) in Coronavirus relief funds.
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.