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Saudi Arabia to increase VAT rate

Saudi Arabia to increase VAT rate from 5% to 15% from June 1, 2020.

The government of Saudi Arabia decided to raise value added tax (VAT) from 5% to 15% cent starting from July 1 and suspend giving out cost of living allowance starting from June 1, according to state news agency SPA.

Moreover, Saudi Arabia decided to cancel and postpone spending and cut some allocations for Vision 2030, with a total cost of 100 billion riyals (Dh97.8 billion). 

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