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IMF Calls For VAT In Saudi Arabia

by Lorys Charalambous, Tax-News.com, Cyprus

19 August 2015


The International Monetary Fund (IMF) has urged Saudi Arabia to expand its non-oil revenue streams.

The Fund noted in a statement following the conclusion of its 2015 Article IV consultation with Saudi Arabia that the decline in oil prices is resulting in lower fiscal revenues. The Government is expected to run a fiscal deficit of 19.5 percent of gross domestic product (GDP) in 2015, it said.

The IMF said that the country needs to implement a gradual, but sizable multi-year fiscal adjustment based on a mix of expenditure and revenue measures in order to put the fiscal deficit on a downward path. In particular it recommended introducing a value-added tax (VAT) and a land tax.

TAGS: tax | economics | value added tax (VAT) | Saudi Arabia | property tax | fiscal policy | revenue guidance | gross domestic product (GDP) | International Monetary Fund (IMF) | tax reform

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