Saudi Arabia has imposed a special tax on electronic cigarettes and sugary drinks, extending similar taxes introduced in 2017 as it seeks to reduce a budget deficit caused by low oil prices.
Saudi Arabia, the Arab world’s largest economy, already had a 100 per cent tax on cigarettes and tobacco products, a 100 per cent tax on energy drinks and a 50 per cent one on fizzy drinks. The IMF on Thursday said the VAT introduction had been successful, but that the Saudi government should consider raising the rate, which is low by global standards.
The deposit is part of a joint Saudi-United Arab Emirates 3-billion-dollar aid package to Sudan announced in April.
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