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situation report

Jan 2, 2018 | 20:43 GMT

1 min read

Saudi Arabia, UAE: Countries Introduce Value-Added Tax For The First Time

For the first time, Saudi Arabia and the United Arab Emirates introduced a 5 percent value-added tax on the majority of goods and services — including fuel and diesel, food, clothes, utility bills and hotel rooms — on Jan. 1, BBC reported. Saudi Arabia also cut subsidies and increased fuel and electricity prices for the first time, raising the cost of lower-grade fuel by 83 percent and higher-grade fuel by 126 percent. The decision sparked backlash on social media among Saudi citizens critical of Crown Prince Mohammed bin Salman's Vision 2030 economic reform plan.  

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