Saudi Arabia triples VAT, suspends handouts

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Saudi Arabia unveiled plans Monday to triple its value added tax and halt monthly allowances to citizens as part of coronavirus-triggered austerity measures, while deepening oil production cuts to prop up sagging prices. The austerity drive, which state media said would boost state coffers by 100 billion riyals ($26.6 billion), comes as the petro-state grapples with the twin blow of record low oil prices and a virus-led economic slump.

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