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Saudi Arabia has no plans to introduce earnings tax: Crown Prince Mohammad bin Salman

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Saudi Arabia Crown Prince Mohammad bin Salman.

DUBAI: Saudi Arabia’s Crown Prince Mohammed bin Salman stated in televised remarks on Tuesday that the dominion had no plans to introduce earnings tax and a choice final July to triple value-added tax to fifteen% was short-term.

The dominion had tripled VAT to offset the impression of decrease oil income on state funds in a transfer that had shocked residents and companies anticipating extra help from the federal government throughout the coronavirus pandemic.

“Raising VAT was a painful measure and I hate to hurt any Saudi citizen, but it is my duty to build Saudis a long-term sustainable future,” the prince stated in an interview aired on Saudi TV to mark the fifth anniversary of Imaginative and prescient 2030.

Learn extra: Riyadh declares financial overhaul with $3.2 trillion funding plan

“Raising VAT to 15% is a temporary decision that will last one to five years and then it will go down to between 5% to 10%,” he stated.

Prince Mohammed additionally stated the dominion goals to cut back unemployment to 11% this yr. Unemployment amongst Saudi residents fell to 12.6% within the fourth quarter of 2020 from 14.9% within the third quarter.

The federal government has been pushing by way of financial reforms since 2016 to create tens of millions of jobs and cut back unemployment to 7% by 2030.

The plans have been disrupted by the coronavirus disaster that despatched oil costs plummeting final yr.

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