Now even Saudi Sheikhs will be paying tax, here’s why
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When it comes to tax free living, the whole world is envy of people in Gulf but now tax-free living will soon be a thing in the past for Saudis as the cabinet approved an IMF-backed value-added tax to be imposed across the The price of crude has dropped down drastically since 2014 and this has further led cutbacks and a search for new revenue.
The kingdom is broadening its investment base and boosting other non-oil income as part of economic diversification efforts and aims to balance its budget by 2020. Cabinet "decided to approve the Unified Agreement for Value Added Tax" to be implemented throughout the six-member
"A Royal Decree has been prepared," it said.
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