saudi boosts citizen benefits as taxes bite
Last Updated : GMT 19:40:33
Arab Today, arab today
Arab Today, arab today

after an oil price slump

Saudi boosts citizen benefits as taxes bite

Arab Today, arab today

Arab Today, arab today Saudi boosts citizen benefits as taxes bite

Saudi boosts citizen benefits as taxes bite.
Riyadh - Arab Today

Saudi Arabia announced Saturday it had boosted stipends and benefits for citizens to cushion the impact of economic reforms including the kingdom's first ever taxes after an oil price slump.

Most working Saudi Arabians are employed by the state and, like nationals in other energy-flush Gulf monarchies, have long benefited from a generous welfare system.

After the 2014 oil market crash, Saudi Arabia as well as the neighbouring United Arab Emirates announced a five percent value-added tax on most goods and services which took effect at the start of this year.

In a move that aims to "soften the impact of economic reforms on Saudi households," King Salman issued a royal decree late Friday ordering a 1,000 riyal ($267, 222 euros) monthly living allowance for military personnel and public servants for a period of one year.

Student stipends will be increased by 10 percent, an official statement said.

The oil-rich Gulf has long been a tax-free haven for both high-income households and migrant labourers, who frequently rely on remittances to support their families back home.

But countries in the region have introduced a series of austerity measures over the past two years to boost revenues and cut spending as the slump in world oil prices led to ballooning budget deficits.

Saudi Arabia has also intensified efforts to boost employment of its own citizens.

The jobless rate among Saudis aged 15 to 24 stood at 32.6 percent last year, according to the International Labour Organization.

Saudi Arabia posted an economic contraction in 2017 for the first time in eight years due to severe austerity measures.

The coming year's budget envisions record spending for the kingdom, a move meant to return the economy to positive growth.

Under Friday's royal decree, troops serving at the border with Yemen, where Saudi Arabia is allied with the government in a war against Shiite rebels, will receive a bonus of 5,000 riyals ($1,333, 1,108 euros).

The state will also cover up to 850,000 riyals ($227,000, 188,000 euros) of the tax on any citizen's first home purchase.

The statement said the measures were based on "information provided by" Crown Prince Mohammed bin Salman, the king's powerful son who has steadily consolidated his grip on power since his shock appointment as heir to the throne in June.

Income remains tax exempt.

Source: AFP

 

arabstoday
arabstoday

GMT 02:55 2017 Saturday ,23 December

Saudi-Sudanese Deal to Ease Transfers

GMT 04:43 2017 Wednesday ,20 December

Saudi Arabia to spend big

GMT 00:39 2017 Tuesday ,19 December

Saudi budget deficit narrows

GMT 02:55 2017 Thursday ,14 December

Saudi filmmakers, businessmen eye return

GMT 02:09 2017 Friday ,08 December

Gulf banks to benefit from financial buffers
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi boosts citizen benefits as taxes bite saudi boosts citizen benefits as taxes bite

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

saudi boosts citizen benefits as taxes bite saudi boosts citizen benefits as taxes bite

 



Arab Today, arab today
Arab Today, arab today The Rake announces editorial updates

GMT 12:19 2018 Tuesday ,16 January

The Rake announces editorial updates
Arab Today, arab today Philippine volcano 'fireworks' draw

GMT 02:31 2018 Thursday ,18 January

Philippine volcano 'fireworks' draw
Arab Today, arab today Modern colorful bedroom renovation

GMT 11:23 2017 Thursday ,21 December

Modern colorful bedroom renovation
Arab Today, arab today Syria jihadist chief urges rebels to 'close ranks'

GMT 01:11 2018 Thursday ,18 January

Syria jihadist chief urges rebels to 'close ranks'
Arab Today, arab today YouTube toughens rules regarding

GMT 03:08 2018 Thursday ,18 January

YouTube toughens rules regarding
Arab Today, arab today Cosmetics PR Performance  2017

GMT 09:34 2018 Sunday ,14 January

Cosmetics PR Performance 2017
Arab Today, arab today Tripoli flights still suspended after fighting

GMT 01:40 2018 Wednesday ,17 January

Tripoli flights still suspended after fighting
Arab Today, arab today For the Variety of Interior Design Styles

GMT 11:14 2017 Tuesday ,19 December

For the Variety of Interior Design Styles
Arab Today, arab today Erdogan vows to uproot 'terror nests'

GMT 01:45 2018 Wednesday ,17 January

Erdogan vows to uproot 'terror nests'
Arab Today, arab today Remand extended for Palestinian teen

GMT 02:31 2018 Wednesday ,17 January

Remand extended for Palestinian teen

GMT 07:22 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 07:23 2017 Thursday ,23 November

Zimbabwe's next leader heads home after Mugabe exit

GMT 16:25 2016 Thursday ,22 December

Italian bank Monte Paschi edges closer to state bailout

GMT 09:12 2017 Friday ,17 November

Gleam Futures represents Grace Beverley

GMT 06:03 2014 Wednesday ,09 April

Please .. Let Gaza breathe!

GMT 04:18 2017 Sunday ,26 November

Bella magazine appoints celebrity writer

GMT 16:08 2017 Tuesday ,24 October

Glamour fashion editor goes freelance

GMT 06:00 2017 Sunday ,29 October

Childrenswear brand Once appoints Dyelog

GMT 16:33 2014 Thursday ,13 November

Al-Ehtimam Bil Aakhareen

GMT 03:34 2017 Sunday ,05 November

Needle & Thread relocates press office

GMT 04:30 2017 Sunday ,22 October

Miista appoints IPR London

GMT 05:14 2017 Thursday ,19 October

Blogger seeks male beauty boxes for Christmas Gift

GMT 15:12 2017 Saturday ,14 October

Christmas Gift Guide - My Girls On Tour

GMT 15:24 2017 Thursday ,05 October

A.F.VANDEVORST appoints SPRING London

GMT 01:41 2017 Saturday ,12 August

Moroccan video sparks debate on sexual harassment

GMT 15:56 2017 Monday ,18 December

EVE LOM to launch Radiance Face Oil

GMT 01:19 2017 Thursday ,16 November

Da Vinci painting sells for $450mn in NY

GMT 10:26 2017 Thursday ,21 December

Charlotte Connoley announces blog launch

GMT 04:28 2017 Sunday ,26 November

Brands sought for BRITs Spa backstage
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday