Saudis rush to buy goods before value-added tax increase
Saudis in the capital Riyadh rush to buy gold and luxury cars as the kingdom prepares to triple its value added tax to 15 percent as of July due to the twin shocks of the novel coronavirus pandemic and a plunge in oil prices.
Saudi Arabia, along with other Persian Gulf states, imposed a five percent tax on goods and services in 2018 in a bid to generate additional revenue.
(Source: AFP)
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