Saudi Arabia seeing a boom across all sectors, to review VAT hike after pandemic ends: minister

Saudi Arabia is seeing a boom across all sectors, as shown in the figures highlighted earlier by Crown Prince Mohammed bin Salman about Vision 2030, said Acting Media Minister Majid Al-Qasabi.
 

Last week, the Acting Minister of Media said the decision to raise VAT was painful and a difficult choice and was not taken easily, but it was taken as a less damaging choice than slashing salaries or allowances. 

Saudi Arabia may review the recent increase in value added tax (VAT) when the COVID-19 crisis ends.
 

"We are optimistic about the future and the economic cycle. Such a decision could be reviewed, as is the case with decisions taken at times of crises," the minister stated.
 

Among these achievements is the establishment of 5 new ministries, namely tourism, investment, industry, mineral resources, culture, and sport.
 

He also shed light on the efforts made by the government to alleviate the negative impact of the global pandemic on the economy.
 

Commenting on the health measures to treat COVID-19 patients, Al-Qasabi said that 25 hospitals were equipped to receive confirmed cases, while 4,000 ICU beds were added during the last four months, representing 60% of total beds.
 

He also noted that 23 “drive-thru” centers were set up and more than 9 million PCR tests were carried out to detect the virus.