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Saudi Arabia will not reconsider VAT increase in short- to medium-term - minister

·1 min read

RIYADH, Nov 22 (Reuters) - Saudi Arabia's finance minister said on Sunday that a decision to triple value-added tax to 15% would not be reconsidered in the short to medium term, but might be looked into in the long term.

Speaking at a news conference closing the two-day G20 online summit, Mohammed al-Jadaan said the VAT decision had been "difficult" but a necessary option to support the economy.

Last week, acting information minister Majid bin Abdullah al-Qasabi said the kingdom could review its VAT increase after the novel coronavirus pandemic ends.

(Reporting by Marwa Rashad; Writing by Yousef Saba; Editing by Kevin Liffey)