Saudi Vat Tripled

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 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.

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 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.