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Austerity push amid pandemic: Saudi Arabia triples taxes, cuts $26 bn in costs
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The Kingdom is tripling taxes on basic goods to 15% and will cut spending on major projects by around $26 bn as it grapples with blows from the coronavirus and low oil prices on its economy Dubai: Saudi Arabia announced Monday it was tripling taxes on basic goods, raising them to 15%, and cutting spending on major projects by around $26 billion as it grapples with blows from the coronavirus pandemic and low oil prices on its economy.
Saudi citizens will also lose a bonus cost-of-living allowance that had been in place since 2018, according to the country's finance minister.
Despite efforts to diversify the economy, the kingdom continues to rely heavily on oil for revenue. Brent crude now hovers around $30 a barrel, far below the range
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