Saudi Arabia to review VAT increase after COVID-19

Saudi Arabia to review VAT increase after COVID-19
Saudi Arabia will review its VAT increase after the coronavirus pandemic ends, the Kingdom’s acting media minister said on Thursday. (SPA)
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Updated 19 November 2020

Saudi Arabia to review VAT increase after COVID-19

Saudi Arabia to review VAT increase after COVID-19
  • Al-Qasabi added that consumer protection is a top priority for the Kingdom
  • The decision to triple VAT earlier this year was a “painful” one, the Kingdom’s acting media minister said

LONDON: Saudi Arabia will review its VAT increase after the coronavirus pandemic ends, the Kingdom’s acting media minister said on Thursday.
The decision to triple VAT earlier this year was a “painful” one and has undoubtedly caused concern for every individual and family, Majid Al-Qasabi said.
“This decision is like any other decision, it will be revised when this crisis is over,” the minister told a news conference.
Al-Qasabi added that consumer protection is a top priority for the Kingdom and it would not allow people to be exploited.
As such, 370,000 inspections have been carried out in 13 regions, during which more than 3,700 violations were recorded and nearly 500 tons of food items were confiscated.


Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth is also illegal. (File/Shutterstock)
Updated 11 min 41 sec ago

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Public Prosecution says giving false impression of capital market is ‘serious crime’

Saudi Arabia’s Public Prosecution affirmed that it is prohibited by law to intentionally take any action that creates a false or misleading impression about the capital market, prices, or value of any security or to induce third parties to buy, sell, or subscribe to this security.

It stated in a tweet that this is one of the serious crimes that require arrest, according to the Public Prosecutor's decision No. (1) dated 1/1/1442.

The following actions are considered fraudulent:

Engaging in any action or behavior aimed at creating a false or misleading impression indicating active trading transaction on a specific security, which is contrary to the truth.

Performing a series of transactions on a specific security to influence on a particular stock.

Conducting a series of trades on a specific security, such as buying and/or selling a security, with the aim of price stabilization.

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