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Saudi, UAE introduce VAT in first for Gulf

DUBAI: Saudi Arabia and the United Arab Emirates introduced value-added tax from Monday, a first for the Gulf which has long prided itself on its tax-free, cradle-to-grave welfare system. Saudi Arabia compounded the New Year blow for…

Tax-free days ending for Saudis after oil slump

RIYADH: Tax-free living will soon be a thing of the past for Saudis after cabinet on Monday approved an IMF-backed value-added tax to be imposed across the Gulf following an oil slump. Residents of the energy-rich region had long enjoyed…

IMF announces $1.5bn loan for Sri Lanka

COLOMBO: The IMF has agreed a $1.5 billion loan for Sri Lanka in support of economic reforms aimed at reversing a two-decade decline in tax revenue and reviving growth, it said Friday.