May 11, 2020
ESCAPING THE OIL CURSE:
Saudi triples VAT, suspends handouts in virus-led austerity drive (ANUJ CHOPRA, 5/11/20, AFP)
Saudi Arabia unveiled plans Monday to triple its Value Added Tax (VAT) and halt monthly handouts to citizens as part of a series of austerity measures amid record low oil prices and a coronavirus-led economic slump.The measures, which state media said would boost state coffers by 100 billion riyals ($26.6 billion), come as the government steps up emergency plans to slash spending to deal with the twin economic blow.
There is no representation without taxation.
Posted by Orrin Judd at May 11, 2020 12:00 AM