What Saudi Arabia’s shock VAT hike of 15% means to UAE businesses, consumers

Dubai: Even with Saudi Arabia hiking its value-added tax (VAT) from July, businesses in the UAE and Bahrain are hopeful these governments would hold back for now. And even if they do raise it, it won’t be to the levels imposed by Saudi Arabia. “Several business sectors had submitted requests to the UAE authorities for […]

Saudi Arabia to increase VAT, suspend cost of living allowance

Dubai: Saudi Arabia will cancel and postpone spending and cut some allocations for Vision 2030, with a total cost of 100 billion riyals (Dh97.8 billion), according to Al Arabiya. This has been taken as part of the government’s efforts to manage the economic and fiscal impact of the coronavirus pandemic and the crash in oil prices, said […]

COVID-19: ‘Kuwait weakest Gulf state in supporting private sector’

Abu Dhabi: Kuwait emerged as the weakest GCC countries in its support to the private sector in light of the conditions of the Coronavirus pandemic, after offering only additional lending facilities without a financial stimulus plan, said Marzouq Jassem Boodai, Deputy Chairman of City Group, the largest public transport operator and warehousing services provider in […]