Saudi Arabia is suspending the cost of living allowance from 1st June and increasing the value-added tax (VAT) from 5% to 15% as part of measures to address the impact of the COVID-19 crisis, the Saudi Press Agency (SPA) reported on Monday.
In other news, the Saudi Arabian Monetary Authority (SAMA) has affirmed its commitment to its exchange rate policy of pegging the Saudi riyal to the US dollar. SAMA states that the current exchange rate arrangement is a primary driver for monetary stability and sustainable economic growth.
To read about this and more of the week’s news from the Kingdom, click here.
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