Saudi triples VAT

[ih8socialism]

Saudi triples their VAT to 15%

Saudi Arabia to raise VAT to 15% as kingdom takes measures to buttress economy, finance minister says

The kingdom is increasing the consumption tax from 5% and is suspending the cost of living allowance as of June

www.thenational.ae

However, UAE doesn't plan to increase VAT

UAE: No Plans to Increase VAT Rate - Gulf Insider

UAE has no plans to increase its VAT (value-added tax) rate, the country's finance minister said aft

www.gulf-insider.com

But still, its a sign in what a big crisis this region in case anyone is planning to relocate there you should always keep this in mind that laws basically can change over night.

 

[khinkali]

Saudi is very sensitive to oil price and demand (think Dutch Disease, but with so much more oil capacity) but I think we should be quite confident that this kind of government intervention will not be limited to the Middle East.

We might expect much more severe fiscal measures in Europe over the next few months and years. Asia might fair better.

 

[Martin Everson]

I think I mentioned it before but Gulf leaders can wake up in the morning and change the law by lunchtime...lol.

Anyway Saudi Arabia is in a bad space. All created by MBS and his daft oil war with Russia for market share. He cannot do ANYTHING right from the war in Yemen that has been a disaster to even ordering killing of Jamal Khashoggi to imprisoning his own family etc etc. Avoid the region like the plague.

On another note, those living in UAE should bring out a map and look at where UAE is located and how they will make their escape if things go wrong. Look at land, sea and air routes out of UAE and tell me where you can run to if conflict erupts with Iran?.....lol.