Saudi Shoppers Rush To Buy Gold Before Taxes Triple

The Associated PressJIDDAH, Saudi Arabia — Saudi shoppers have rushed to buy big-ticket items such as gold, appliances and electronics ahead of the announced tripling of taxes on basic goods on Wednesday as the government tries to shore up revenue for its economy battered by the coronavirus and low oil prices. The government is tripling the Value Added Tax, or VAT, on basic goods and services from 5% to 15%, starting on Wednesday.Read more on NewsOK.com

Topics:  associated pressjiddah   saudi arabia    saudi   value added tax   vat   newsok   rush   buy   gold   taxes   saudi shoppers   basic   goods   government   tripling   
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