BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

The International Monetary Fund did not recommend the decision taken by Saudi Arabia to triple value-added tax this month, an official said, cautioning against increasing consumption taxes in the Middle East amid the coronavirus – driven downturn. Saudi Arabia tripled VAT this month to 15% as it seeks to bolster state finances badly hurt by … Continue reading BUSINESS NEWS | IMF Did Not Recommend Saudi Arabia VAT Tripling, Official Says

BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says

RIYADH | SAUDI ARABIA – Gulf Cooperation Council (GCC) countries will see their economies shrink by 7.6% this year, an International Monetary Fund official said on Tuesday, revising downwards April forecast nearly 3%. The six GCC nations are, with varying degree, facing steep economic declines as the slowdown in business activity due to the coronavirus … Continue reading BUSINESS NEWS | Gulf Economies To Shrink By 7.6% This Year, IMF Says