Economics

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

WATCH: Saudi Arabia announced a slew of austerity measures to cope with the impact of the coronavirus pandemic.(Source: Bloomberg)

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By Riad Hamade, Zaid Sabah, and Vivian Nereim

May 11, 2020 at 2:15 AM UTC

Updated on

May 11, 2020 at 3:48 PM UTC

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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.