January 8, 2016

We just got the latest sign Saudi Arabia is worried about the future

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

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