Saudi Arabia: Tax rate tripled

Finance minister Mohammed Al-Jadaan on 11 May announced a tripling of the value-added tax (VAT) rate, to 15% from 1 July, in an effort to limit the damage to public finances from low oil prices and coronavirus. He also said that from 1 June the government will stop paying a monthly cost of living allowance for public sector workers. Al-Jadaan said austerity measures so far totalled SR100bn ($27bn).