Tuesday, February 7, 2023
News GCC country increased TAX to 15%, cancels cost of...
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GCC country increased TAX to 15%, cancels cost of living allowance

By Ryan Namia

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Saudi Arabia on Monday announced that it is suspending the cost of living allowance and increasing the value added tax to 15 percent.

In a Khaleej Times report, the decision is part of measures aimed to shore up state finances, which have been battered by low oil prices and the Covid-19.

Cost of living allowance will be suspended from June 1, and VAT increase will take effect on July 1.

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Ryan Namia
Ryan Namia spends most of his days reading over drafts of new written content and determining which ones make the final cut for online and print publication. He received his Bachelor's degree in Journalism in 2015 and has been writing since 2016. Got a story to tell? Email him at eic@theglobalfilipinomagazine.com. Or follow his IG @rtnamia.

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