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rdf:type	schema:NewsArticle
schema:articleBody	Saudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in new austerity measures amid a coronavirus-led economic slump. "It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1," minister Mohammed al-Jadaan said, according to the official Saudi Press Agency. The measures come after Jadaan last week warned of "painful" and "drastic" steps as the government steps up emergency plans to slash spending amid the double shock of the novel coronavirus and record low oil prices. Saudi Arabia, along with other Gulf states, imposed a five percent tax on goods and services in 2018 in a bid to generate additional revenue. The petro-state had also introduced handouts worth billions of dollars to citizens, known as the cost of living allowance, to cushion the impact of rising costs. Jadaan has said he expected Riyadh could lose half of its oil income, which contributes about 70 percent of public revenues, as oil prices have fallen two-thirds since the start of the year. He said the world's leading crude exporter would borrow close to $60 billion this year to plug a huge budget deficit. The International Monetary Fund in April projected that the Saudi economy would contract by 2.3 percent this year. bur-ac/mtp
schema:headline	Saudi triples VAT, halts govt handouts in austerity drive
schema:mentions	Austerity Riyadh Government budget balance International Monetary Fund Value-added tax Saudi Arabia Coronavirus Value-added taxation in India Economy of Saudi Arabia Mohammed Al-Jadaan Saudi Press Agency
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-05-11 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	82 (xsd:integer)

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