New Delhi: According to United Nations (UN), due to the outbreak of the Corona epidemic, economies in Arab countries may collapse by 5.7 percent. Due to this, about one-fourth of the population can go into poverty. Even in Saudi Arabia, the government is considering all options to handle the economic system. One of these options is also to impose income tax, because Saudi Arabia is under such deep pressure for the first time in the last 30 years. Saudi Arabia's economy may shrink by 6.8 percent in 2020.
According to the report, Riyadh can ask its citizens to pay income tax to seek help in such terrible circumstances. Let the citizens of Saudi Arabia do not pay income tax, but there is 20% income tax charged from immigrants and corporate and there is 20% federal tax for everyone.
The world's largest oil-producing country spends petroleum revenue on its citizens. However, when crude oil prices are falling due to the coronavirus epidemic and exports have also fallen by 65 per cent, it is understood that Saudi Arabia may introduce an income tax regime in the country.
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