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Saudi Arabia Triples VAT, Cuts State Allowances Amid Crisis

  • Saudi finance minister announces slew of austerity measures
  • Total spending for 2020 could stay level as money reallocated
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WATCH: Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic.(Source: Bloomberg)
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Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic and an oil-price rout, tripling its value-added tax and cutting a cost-of-living allowance for government workers.