VAT increase decision will be reviewed when the crisis ends. The Minister of Commerce and the Minister of Information in charge, Dr. Majid Al-Qasabi, confirmed that the decision to raise the value-added tax was not taken easily and was very difficult, indicating that it would be reviewed if the crisis ended and the economic cycle returned to normal.
VAT increase decision will be reviewed when the crisis ends
In the regular press conference for government communication, which was held to implement the directives of Crown Prince Mohammed bin Salman, he said that the decision to raise the value-added tax was not taken easily, and in numbers, the state employees’ wage bill was half a trillion riyals, in addition to many obligations, all these sums were not covered by revenues Oil.
Al-Qasabi added that the goal when the value-added tax was raised was not to prejudice salaries or allowances, and the state chose this option to help face the problems of weak revenues.
He pointed out that in the future, the economic cycle will improve, and oil will return to what it was, and the decision, like any other decision, is reviewed when the crisis ends.
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