Riyadh - The world's top oil exporter has previously said it was studying increases in domestic energy prices, the introduction of VAT and the installation of nuclear and solar power.
Published: Wed 25 Nov 2015, 11:00 PM
Updated: Thu 26 Nov 2015, 8:23 AM
Saudi Arabia may reduce energy and water subsidies for wealthy citizens, impose a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks, Deputy Crown Prince Mohammed bin Salman was quoted as saying on Wednesday.
The world's top oil exporter has previously said it was studying increases in domestic energy prices, the introduction of VAT and the installation of nuclear and solar power.
Low oil prices and expected deficits in coming years have spurred a new focus on reforms in the kingdom with the aims of diversifying the economy away from a dependence on crude revenue. "The key challenges are our overdependence on oil and the way we prepare and spend our budgets," he said in an interview with the New York Times. - Reuters
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