Last month, Saudi Arabia released an annual budget that included unprecedented austerity and taxation measures. As Reuters reported on December 30th, Saudi Arabia will cut spending and implement a value-added tax, a notable move for a country with a cradle-to-grave welfare system for most citizens and very little taxation. Riyadh will also be taking "steps that will directly hit the purchasing power of citizens - in particular, raising domestic gasoline, kerosene, water and electricity prices," Reuters reported.
Saudi Arabia faces several long-term pressures that might explain its current need for greater revenue.
Read more at http://www.businessinsider.in/We-just-got-the-latest-sign-Saudi-Arabia-is-worried-about-the-future/articleshow/50491026.cms
Saudi Arabia faces several long-term pressures that might explain its current need for greater revenue.
Read more at http://www.businessinsider.in/We-just-got-the-latest-sign-Saudi-Arabia-is-worried-about-the-future/articleshow/50491026.cms
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