KSA imposes vital actions to steer away from crude reliance

29 Nov 2015

(MENAFN) The globe’s number one oil exporter is carefully studying and measuring increases in local energy prices, let alone the implementation of the value added tax (VAT).

The kingdom will most likely cut energy and water subsidies for wealthy citizens, plus enforce a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks.

Projected deficits and Low oil prices in following years have urged a new focus on changes in the kingdom with the target of varying the economy away from a reliance on crude income.

“The fundamental and most impacting challenges are our overdependence on oil and the way we prepare and spend our planned budgets,” stated the kingdom’s Deputy Crown Prince.

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