No increasing the value added tax
No increasing the value added tax

The Ministry of Finance issued a statement today regarding its final decision to increase the value-added tax to 5% due to the nation of Corona, as Saudi Arabia did.

 

 

Undersecretary of the Ministry of Finance, Younis El-Khoury, confirmed that there is no intention to increase the value-added tax on the current rate of 5%, stressing also that there is no change or amendment to what was previously announced in the absence of future plans to raise the basic rate applied to value tax State added.

This came in response to what the Kingdom of Saudi Arabia has done today, raising the value-added ratio to 15%, within a number of measures and measures to contain the repercussions of the spread of the Corona virus and the negative effects it has had on the economies of countries.

Undersecretary of the Ministry of Finance, Younis Haji Al-Khoury, pointed out that the ministry’s focus now is to work with all government agencies according to the guidance of the rational leadership to review the priorities for the post-Covid-19 stage and redirect financial resources to prepare for the future and continue to grow and ensure the security and safety of society and individuals.