In an interview with Bloomberg, Mohammed Al Jadaan, the Finance Minister of Saudi Arabia had said that the Kingdom did not rule out the possibility of Income Tax for boosting state revenues even though it wasn’t eminent at this stage. It was later clarified by Saudi Press Agency reports that Income Tax has not been under discussion at the KSA and its subject wasn’t raised at the Government level. In the recent times, the VAT rate in the Kingdom were raised from 5 to 15% to relax the contractions caused by the COVID-19 crisis. As per the finance minister, the world's biggest Oil producer could raise over 50 billion riyals in the next 4-5 years to recover from the Oil slump through privatizing assets in education, healthcare and water sector.
Source: Gulf News
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