Saudi Arabia should consider raising VAT to 10%: IMF - Reuters:
Saudi Arabia should consider raising a value added tax (VAT) to 10% from the current 5%, the International Monetary Fund (IMF) said, stressing the importance for the world’s top oil exporter to improve its fiscal position amid lower crude prices.
In a report dated June and published on Monday, the IMF said that a tighter fiscal policy was needed, as the Saudi budget deficit is projected to widen.
Saudi Arabia, the Middle East’s largest economy, remains dominated by hydrocarbon revenues despite Crown Prince Mohammed bin Salman’s assertion that he aims to diversify.
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