Saudi Arabia’s finance minister on Monday said the kingdom will triple its Value Added Tax and halt monthly handout payments to citizens in new austerity measures amid record low oil prices and a coronavirus-led economic slump. The measures, which could stir public resentment with the cost of living rising, come as the petro-state steps up emergency plans to slash government spending to deal with the twin economic blow. “It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from…
Read MoreSaudi triples VAT, ambargoes monthly allowance for citizens
