Saudi Arabia to reconsider VAT after achieving economic objectives – VAT rate back to 5%??

The Kingdom of Saudi Arabia (KSA) will reconsider value-added tax (VAT) after it has achieved certain objectives related to its economy and economic growth, a senior official has said.

Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance, said increasing VAT to 15 per cent was the best decision among the tough choices that the government had to make last year.

“Saudi Arabia will reconsider the value-added tax upon achieving certain objectives, such as the Kingdom’s gross domestic product growth, economic broadening, and a steady rise in oil price,” Al Jadaan said, according to the Saudi Gazette.

Source Khaleej Times

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