Economy of Saudi Arabia
Saudi Arabia raises taxes at home while making big investments abroad
Saudi Arabia, one of the richest countries in the world, has announced a 15% value-added tax on all goods and services. It is also cutting down some benefits for state employees. Meanwhile, the kingdom has been on a shopping spree with its Public Investment Fund, dropping roughly $7.7 billion on stakes in Facebook, Boeing and Starbucks, among other companies.
