Saudi Arabia’s finance minister said on Sunday that a decision to triple value-added tax to 15% would not be reconsidered in the short to medium term, but might be looked into in the long term.
Speaking at a news conference closing the two-day G20 online summit, Mohammed al-Jadaan said the VAT decision had been “difficult” but a necessary option to support the economy.
Last week, acting information minister Majid bin Abdullah al-Qasabi said the kingdom could review its VAT increase after the novel coronavirus pandemic ends.
Earlier Today, King Salman said that G20 countries have succeeded in sending a message of hope and reassurance to their citizens and the global community, .
In his closing remarks at the end of the two-day summit hosted virtually in Riyadh due to the COVID-19 pandemic, the king announced that the members of the 20 largest economies of the world had adopted the final communique.
“We have succeeded in sending out a message of hope and reassurance to our citizens and all people around the world through the final communique of this leaders’ summit,” the king said.
The king also said that G20 countries have upheld their commitment to working together to confront the COVID-19 pandemic and to safeguard lives and livelihoods.
“We have adopted important policies that will achieve recovery all the way to an economy that is resilient, sustainable, inclusive, and balanced,” King Salman added.
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