{"id":51701,"date":"2021-12-15T10:09:12","date_gmt":"2021-12-15T07:09:12","guid":{"rendered":"https:\/\/lovin.co\/riyadh\/en\/?p=34175"},"modified":"2021-12-15T16:59:50","modified_gmt":"2021-12-15T12:59:50","slug":"saudi-finance-minister-hints-at-reduction-of-vat-in-the-future","status":"publish","type":"post","link":"https:\/\/lovin.co\/jeddah\/en\/latest\/saudi-finance-minister-hints-at-reduction-of-vat-in-the-future\/","title":{"rendered":"Saudi Finance Minister Hints At Reduction Of VAT In The Future"},"content":{"rendered":"<p>The 15% VAT rate was a measure introduced during the coronavirus pandemic, but a recent statement by the kingdom\u2019s finance minister, Mohammed Al-Jadaan, shows that that\u2019s not going to be the case for long.<\/p>\n<p>He states according to the <a href=\"https:\/\/saudigazette.com.sa\/article\/614690\/SAUDI-ARABIA\/Al-Jadaan-Saudi-Arabia-to-reconsider-15-VAT-rate\">Saudi Gazette<\/a>\u00a0that when economic and financial conditions improve, the Kingdom would most likely revisit the value-added tax (VAT) rate.<\/p>\n<h2>Economic and financial conditions are on track to improve as Saudi Arabia is announced its first-ever surplus budget in almost a decade.<\/h2>\n<p>The surplus is a sizeable SAR 90 billion. When it came to the budget, one item that stood out was the SR185 billion earmarked for education, which made up the lion&#8217;s share of all allocations.<\/p>\n<h2>Earlier Crown Prince Mohammed Bin Salman called the current VAT rates a temporary measure.<\/h2>\n","protected":false},"excerpt":{"rendered":"The 15% VAT rate was a measure introduced during the coronavirus pandemic, but a recent statement by the kingdom\u2019s finance minister, Mohammed Al-Jadaan, shows that that\u2019s not going to be the case for long. He states according to the Saudi Gazette\u00a0that when economic and financial conditions improve, the Kingdom would most likely revisit the value-added &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],"tags":[],"acf":{"hide_featured_image":false,"featured_image":{"ID":51702,"id":51702,"title":"","filename":"Copy-of-LOVIN-DUBAI_Featured-Image-template-8.png","filesize":424776,"url":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8.png","link":"https:\/\/lovin.co\/jeddah\/en\/latest\/saudi-finance-minister-hints-at-reduction-of-vat-in-the-future\/attachment\/51702\/","alt":"","author":"402","description":"","caption":"","name":"51702","status":"inherit","uploaded_to":51701,"date":"2021-12-15 12:59:43","modified":"2021-12-15 12:59:43","menu_order":0,"mime_type":"image\/png","type":"image","subtype":"png","icon":"https:\/\/lovin.co\/jeddah\/en\/wp-includes\/images\/media\/default.png","width":700,"height":350,"sizes":{"thumbnail":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8-small.png","thumbnail-width":150,"thumbnail-height":150,"medium":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8-medium.png","medium-width":300,"medium-height":150,"medium_large":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8.png","medium_large-width":700,"medium_large-height":350,"large":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8-large.png","large-width":700,"large-height":350,"1536x1536":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8.png","1536x1536-width":700,"1536x1536-height":350,"2048x2048":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8.png","2048x2048-width":700,"2048x2048-height":350,"small":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8-230x115.png","small-width":120,"small-height":60,"custom-size":"https:\/\/cdn.lovin.co\/wp-content\/uploads\/sites\/31\/2021\/12\/15165943\/Copy-of-LOVIN-DUBAI_Featured-Image-template-8.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","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.4 (Yoast SEO v22.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saudi Finance Minister Hints At Reduction Of VAT In The Future<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lovin.co\/jeddah\/en\/latest\/saudi-finance-minister-hints-at-reduction-of-vat-in-the-future\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Finance Minister Hints At Reduction Of VAT In The Future\" \/>\n<meta property=\"og:description\" content=\"The 15% VAT rate was a measure introduced during the coronavirus pandemic, but a recent statement by the kingdom\u2019s finance minister, Mohammed Al-Jadaan, shows that that\u2019s not going to be the case for long. 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