Saudi Arabia triples VAT, halts government handouts

Saudi Arabia triples VAT, halts government handouts

Saudi Arabia has announced the tripling Value Added Tax (VAT), besides a halt on monthly handout payments to citizens amid a coronavirus-led economic slump. The cost of living allowance will be halted from June 2020 and VAT will be raised from 5% to 15% from Jul 1. The government expects a loss of nearly half of its oil income, which contributes about 70% of public revenues.

Chris
Chris
Unity.Nat
Unity.Nat 3 weeks

The fall of Saudi Arabia has begun. Without the handouts the people there will question the Crown and will rebel.

BadgerMilk
BadgerMilk 3 weeks

They got a little taste of the near future. We will eventually stop using oil and this country will sink back to the obscurity it came from.

NeverMetTheGuy
NeverMetTheGuy 3 weeks

Doesn't Saudi Arabia do the Dubai, and just pay people insane money every month as part of oil dividends? Like, hundreds of thousands? If I'm right about this, then there's no problems to be seen.

Elaine
Elaine 3 weeks

Once a month, all the princes and princesses, which number in the thousands, get money based on their standing in royal families. Mohammed bin Salman, was actually the first son of the 26th son's 2nd wife. The story of how he became a a world focus in 2015, and what he is today, was extremely interesting to me.

GUYIVKS
GUYIVKS 3 weeks

Well that should help with self isolation. They won't be able to afford to leave home, no money.

IvoryDove
IvoryDove 3 weeks

IOW, "Socialism fails when you run out of other people's money".

Mike
Mike 3 weeks

If everything is Saudi Arabia is that terrible now, then I'm afraid of what will happen there next.

prawn
prawn 3 weeks

oil value has really dropped and most government rely on vat. i also lost alot of bitcoins on binary options, but am gratetful to Ari.matan@gmx.com who helped me to recover all my stolen BITCOINS.

IIzard
IIzard 3 weeks

THINKING EMOJI

Danny Mcgrath
Danny Mcgrath 3 weeks

Hopefully this continues and these medieval Wahabbi goat herders will be back on their camels where they beling.

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