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Saudis Stock Up, Brace For Tripled VAT In Kingdom's Austerity Push
Saudis braced Wednesday for a tripling in value-added tax, another unpopular austerity measure after the twin shocks of coronavirus and an oil price slump triggered the kingdom's worst economic decline in decades.
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Saudi Triples VAT, Halts Government Handouts In Austerity Drive: Report
Saudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in new austerity measures amid a coronavirus-led economic slump.
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Mukesh Ambani’s Plan To Make Reliance Debt-Free By 2021 Hits Bumps
Prime Minister Narendra Modis administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Company, threatening a key source of funds needed to pare liabilities. In addition, the conglomerate, which is into oil refining, telecommunications and retail, is also facing unfriendly tax proposals that co...
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What Oil At $50 A Barrel Means For India, World Economy
Energy slump is a game changer for India and could mean the Reserve Bank of India shifts to a neutral outlook, says Bloomberg Economics.
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Jump In Islamic Tax Liabilities Worries Saudi Banks
A jump in retroactive Islamic tax liabilities faced by Saudi Arabian banks is creating concern about damage to their earnings and the government's motives in demanding the money.
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Saudi Crown Prince's High-Speed U-Turn On State Handouts
Saudi Crown Prince Mohammed bin Salman's high-speed U-turn on state handouts suggests he's betting on the backing of ordinary citizens rather than traditional pillars of support as he consolidates power.
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Saudi, UAE VAT To Adversely Affect Majority Of Indians: Former Diplomat
Introduction of Value Added Tax (VAT) by Saudi Arabia and the United Arab Emirates (UAE) would adversely affect a majority of Indians working there and reduce their remittances, says a former diplomat.
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Tax-Free No More: In A First, Saudi Arabia, UAE Introduce VAT
Saudi Arabia and the United Arab Emirates (UAE) introduced the Value Added Tax (VAT) for the first time from Monday.
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In Saudi Arabia, Cigarette, Energy Drinks Prices Go Up Sharply
Residents of the world's biggest oil exporter long enjoyed a tax-free and heavily subsidised existence but a collapse in crude prices since 2014 sparked cutbacks and a search for new revenue.
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No Income Tax For Saudi Citizens, Says Minister As Reforms Raise Concerns
Saudi Arabia's finance minister said on Sunday that citizens would not pay taxes on income and Saudi companies would not see their profits taxed under sweeping economic reforms being introduced in the oil-rich kingdom.
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No Income Tax For Saudi Citizens, Companies, Says Saudi Finance Minister
Mohammed al-Jadaan sought in a statement carried by state news agency SPA to allay concern that people would be taxed as part of the ambitious reform plan. Saudis currently do not pay any income tax, nor are Saudi companies taxed on their profits.
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Tax Cut Lifts Saudi Oil Major's Value By $1 Trillion: Analyst
The government said on Monday it was cutting the tax rate for Aramco to 50 per cent from 85 per cent as part of preparations for next year's IPO, which would sell as much as 5 per cent of the company.
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Saudi Arabia Sweetens Huge Aramco IPO With Tax Cut
The step appeared likely to reduce Aramco's tax burden by as much as tens of billions of dollars, which could make the firm much more attractive to private investors.
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Tax-Free Days Ending For Saudis After Oil Slump With Royal Decree On VAT
Tax-free living will soon be a thing of the past for Saudis after their cabinet, on Monday, approved an International Monetary Fund-backed value-added tax to be imposed across the Gulf following an oil slump.
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Young Saudi Prince Considers Taxing Expats, Shunned Earlier By Rulers
Saudi Arabia is considering taxing millions of foreign residents as the kingdom seeks to reduce its reliance on oil revenue after the plunge in crude prices.
-
Saudis Stock Up, Brace For Tripled VAT In Kingdom's Austerity Push
Saudis braced Wednesday for a tripling in value-added tax, another unpopular austerity measure after the twin shocks of coronavirus and an oil price slump triggered the kingdom's worst economic decline in decades.
-
Saudi Triples VAT, Halts Government Handouts In Austerity Drive: Report
Saudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in new austerity measures amid a coronavirus-led economic slump.
-
Mukesh Ambani’s Plan To Make Reliance Debt-Free By 2021 Hits Bumps
Prime Minister Narendra Modis administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Company, threatening a key source of funds needed to pare liabilities. In addition, the conglomerate, which is into oil refining, telecommunications and retail, is also facing unfriendly tax proposals that co...
-
What Oil At $50 A Barrel Means For India, World Economy
Energy slump is a game changer for India and could mean the Reserve Bank of India shifts to a neutral outlook, says Bloomberg Economics.
-
Jump In Islamic Tax Liabilities Worries Saudi Banks
A jump in retroactive Islamic tax liabilities faced by Saudi Arabian banks is creating concern about damage to their earnings and the government's motives in demanding the money.
-
Saudi Crown Prince's High-Speed U-Turn On State Handouts
Saudi Crown Prince Mohammed bin Salman's high-speed U-turn on state handouts suggests he's betting on the backing of ordinary citizens rather than traditional pillars of support as he consolidates power.
-
Saudi, UAE VAT To Adversely Affect Majority Of Indians: Former Diplomat
Introduction of Value Added Tax (VAT) by Saudi Arabia and the United Arab Emirates (UAE) would adversely affect a majority of Indians working there and reduce their remittances, says a former diplomat.
-
Tax-Free No More: In A First, Saudi Arabia, UAE Introduce VAT
Saudi Arabia and the United Arab Emirates (UAE) introduced the Value Added Tax (VAT) for the first time from Monday.
-
In Saudi Arabia, Cigarette, Energy Drinks Prices Go Up Sharply
Residents of the world's biggest oil exporter long enjoyed a tax-free and heavily subsidised existence but a collapse in crude prices since 2014 sparked cutbacks and a search for new revenue.
-
No Income Tax For Saudi Citizens, Says Minister As Reforms Raise Concerns
Saudi Arabia's finance minister said on Sunday that citizens would not pay taxes on income and Saudi companies would not see their profits taxed under sweeping economic reforms being introduced in the oil-rich kingdom.
-
No Income Tax For Saudi Citizens, Companies, Says Saudi Finance Minister
Mohammed al-Jadaan sought in a statement carried by state news agency SPA to allay concern that people would be taxed as part of the ambitious reform plan. Saudis currently do not pay any income tax, nor are Saudi companies taxed on their profits.
-
Tax Cut Lifts Saudi Oil Major's Value By $1 Trillion: Analyst
The government said on Monday it was cutting the tax rate for Aramco to 50 per cent from 85 per cent as part of preparations for next year's IPO, which would sell as much as 5 per cent of the company.
-
Saudi Arabia Sweetens Huge Aramco IPO With Tax Cut
The step appeared likely to reduce Aramco's tax burden by as much as tens of billions of dollars, which could make the firm much more attractive to private investors.
-
Tax-Free Days Ending For Saudis After Oil Slump With Royal Decree On VAT
Tax-free living will soon be a thing of the past for Saudis after their cabinet, on Monday, approved an International Monetary Fund-backed value-added tax to be imposed across the Gulf following an oil slump.
-
Young Saudi Prince Considers Taxing Expats, Shunned Earlier By Rulers
Saudi Arabia is considering taxing millions of foreign residents as the kingdom seeks to reduce its reliance on oil revenue after the plunge in crude prices.
