Saudi Arabia has chosen the opposite policy of raising taxes, with countries around the world trying to prop up their economies, including money-losing, due to the COVID 19 crisis.
The reason why Saudi Arabia made a rather extreme decision on the day is also a plunge in oil prices, the main source of income for the Saudi government.
In the first quarter of this year, Saudi Arabia’s oil sales fell 24 percent from last year to $3.4 billion, which also reduced government revenues, recording a $9 billion fiscal deficit during the period.
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Saudi Arabia Tax Increase Threefold
Saudi Arabia has chosen the opposite policy of raising taxes, with countries around the world trying to prop up their economies, including money-losing, due to the COVID 19 crisis