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Saudi Finance Minister Hints At Reduction Of VAT In The Future
The 15% VAT rate was a measure during the coronavirus pandemic, but a recent statement by the kingdom’s finance minister, Mohammed Al-Jadaan, shows that that’s not going to be the case for long.
He states according to the Saudi Gazette that when economic and financial conditions improve, the Kingdom would most likely revisit the value-added tax (VAT) rate.
Economic and financial conditions are on track to improve as Saudi Arabia is announced its first-ever surplus budget in almost a decade.
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’s share of all allocations.
