Saudi Arabia implements eight economic changes in 2018

Saudi Arabia will activate eight structural economic changes in 2018 which will directly impact the kingdom’s residents lifestyle, Saudi daily Okaz reported Monday.

The changes include the introduction of a 5 per cent VAT law which will impose an indirect tax on all goods and services starting from production until the final selling stage. The total cost will be paid by the consumers.

The second change includes the introduction of new electricity tariffs on residential and commercial installations. The third change includes the imposition of fees of up to SR200 on expats dependents.

As of Monday, the Saudi Ministry of Labour and Social Development will charge expatriate workers SR400 per month when issuing or renewing work permits.

One of the new economic changes includes allowing foreign investors to invest in the kingdom’s stock market.

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