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“Saudi stocks” witness a sharp decline after raising the value-added tax three times

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  2. “Saudi stocks” witness a sharp decline after raising the value-added tax three times

11 May 2020

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“Saudi stocks” witness a sharp decline after raising the value-added tax three times

The general index of witness a sharp decline in Saudi stocks fell sharply in early trading after the kingdom said it would increase the value-added tax to three times as much and suspend the cost of living for state employees in order to strengthen its financial conditions, according to Reuters.

witness a sharp decline

The index fell about 2.8%. The losses included other major markets in the Gulf as well, with Dubai falling 2.3%.
The austerity measures come at a time when the world’s largest oil exporter is suffering the repercussions of a collapse in crude prices while responding to the outbreak of the emerging Coronavirus.

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Technical Economic Consulting Company was established in 2012, it was established by a team of investment professionals to become one of the leading investment companies to provide the best management consulting services to local international companies and institutions. Since its inception, the company has continuously expanded to become one of the largest leading consulting firms in the region through its branches located in the Arab world as well as representative offices in Europe.

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