{"id":48722,"date":"2021-11-02T13:26:28","date_gmt":"2021-11-02T10:26:28","guid":{"rendered":"https:\/\/lovin.co\/riyadh\/en\/?p=33865"},"modified":"2021-11-04T08:53:04","modified_gmt":"2021-11-04T08:53:04","slug":"kingdoms-minister-of-finance-confirms-vat-wont-be-cut-any-time-soon","status":"publish","type":"post","link":"https:\/\/lovin.co\/dammam\/en\/news\/kingdoms-minister-of-finance-confirms-vat-wont-be-cut-any-time-soon\/","title":{"rendered":"Kingdom&#8217;s Minister Of Finance Confirms VAT Won&#8217;t Be Cut Any Time Soon"},"content":{"rendered":"<p>Earlier this year, in a televised <a href=\"https:\/\/www.arabnews.com\/node\/1850091\/business-economy\">interview<\/a>, Crown Prince Mohammed Bin Salman had confirmed that the value-added tax (VAT) increase was a temporary measure. Ever since then there were many speculations on newspaper op-eds and on social media on when exactly. The kingdom\u2019s Minister of Finance Mohammed Al-Jadaan has quashed such speculations as he confirmed that the cut to the VAT will not happen any time soon.<\/p>\n<p>Saudi Arabia increased VAT from 5% to 15% in May 2020 as part of austerity efforts to help the country&#8217;s pandemic-affected economy.<\/p>\n<h2>&#8220;The VAT decision will be reconsidered after several years and when the public finances improve,&#8221; he stated on the sidelines of the G20 conference in Rome in an interview with Asharq News.<\/h2>\n<p>According to Al-Jadaan, a higher VAT rate was implemented to address the economic consequences of the coronavirus outbreak. &#8220;It will be reexamined when the public finances recover after several years, most certainly within five years,&#8221; he stated, &#8220;but there will be no VAT decrease anytime soon.&#8221;<\/p>\n<p>This news comes right after Saudi Arabia posted its first quarterly surplus since early 2019, with an estimated SR6.7 billion recorded in the third quarter of this year.<\/p>\n<h2>He also highlighted another achievement by Saudi Arabia in the same interview pointing out that Saudi Arabia cut carbon emissions by 3% between 2015 and 2019. He mentioned this in contrast to other G20 countries which according to him raised emissions by 2% over the same period.<\/h2>\n","protected":false},"excerpt":{"rendered":"Earlier this year, in a televised interview, Crown Prince Mohammed Bin Salman had confirmed that the value-added tax (VAT) increase was a temporary measure. Ever since then there were many speculations on newspaper op-eds and on social media on when exactly. The kingdom\u2019s Minister of Finance Mohammed Al-Jadaan has quashed such speculations as he confirmed &hellip; ","protected":false},"author":1828,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[85,50],"tags":[],"acf":{"hide_featured_image":false,"featured_image":{"ID":48723,"id":48723,"title":"","filename":"Copy-of-LOVIN-SAUDI_Featured-Image-template-1.png","filesize":677647,"url":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1.png","link":"https:\/\/lovin.co\/dammam\/en\/news\/kingdoms-minister-of-finance-confirms-vat-wont-be-cut-any-time-soon\/attachment\/48723\/","alt":"","author":"402","description":"","caption":"","name":"48723","status":"inherit","uploaded_to":48722,"date":"2021-11-04 08:52:54","modified":"2021-11-04 08:52:54","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/lovin.co\/dammam\/en\/wp-includes\/images\/media\/default.png","width":800,"height":400,"sizes":{"thumbnail":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1-small.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1-medium.png","medium-width":300,"medium-height":150,"medium_large":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1-768x384.png","medium_large-width":768,"medium_large-height":384,"large":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1-large.png","large-width":800,"large-height":400,"1536x1536":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1.png","1536x1536-width":800,"1536x1536-height":400,"2048x2048":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1.png","2048x2048-width":800,"2048x2048-height":400,"small":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1-230x115.png","small-width":120,"small-height":60,"custom-size":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/29\/2021\/11\/04085254\/Copy-of-LOVIN-SAUDI_Featured-Image-template-1.png","custom-size-width":400,"custom-size-height":200}},"featured_image_caption":"","summary":"","flexible_content":false,"legacy_image":"","legacy_full_image":"","type_of_video":"Self Hosted","lovin_video_link":false,"lovin_video_link_webm":false,"video_thumbnail":false,"disable_lovin_hearts":false,"lovin_heart_title":"","show_sponsor":false,"sponsor_image":false,"sponsor_name":"","sponsor_content":"","sponsor_website":"","sponsor_facebook":"","sponsor_twitter":"","sponsor_instagram":"","enable_reveal_feature":false,"reveal_image":false,"featured_for_app":false,"is_guest_user":false,"legacy_meta_tags":"","episode_number":"","embed_code":"","episode_introduction":""},"image_feature":null,"author_name":"loovinsaudi","_links":{"self":[{"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/posts\/48722"}],"collection":[{"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/users\/1828"}],"replies":[{"embeddable":true,"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/comments?post=48722"}],"version-history":[{"count":0,"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/posts\/48722\/revisions"}],"wp:attachment":[{"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/media?parent=48722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/categories?post=48722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lovin.co\/dammam\/en\/wp-json\/wp\/v2\/tags?post=48722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}