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Saudi Arabia is going to triple the rate of the value added tax (VAT) it imposes on goods and services. VAT will increase from 5 per cent to 15 per cent on the 1st of July. The tax was introduced in Saudi Arabia for the first time in 2018. Government authorities say this drastic measure is necessary to curb the effects of the coronavirus pandemic on the economy. The cut is also part of wider austerity measures to help the economy. Finances of the oil-rich nation have been badly hit as the pandemic has seen oil prices and demand for oil plummet. Analysts are reporting that oil revenues this year have fallen by almost a quarter when compared to the same period last year.

Another measure the finance ministry has taken in a bid to shore up the economy is the suspension of a cost of living allowance. This is a payment of about $256 per month to state employees. It was introduced to help offset rising prices and more expensive petrol at the pump. Saudi's Finance Minister said: "These measures are painful but necessary to maintain financial and economic stability over the medium to long term...and to overcome the unprecedented coronavirus crisis with the least damage possible." A Gulf expert said: "The move will impact consumption and could also lower the expected revenues. These are pro-austerity and pro-revenue moves rather than pro-growth ones."

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重点解析

1.Saudi Arabia is going to triple the rate of the value added tax (VAT) it imposes on goods and services.

impose 征税

Second, governments should impose higher taxes on the value of land.
其次，政府应该对地价征收重税1GtOo]i8ea!Yno@f^。

2.Another measure the finance ministry has taken in a bid to shore up the economy is the suspension of a cost of living allowance.

in a bid to为了

参考翻译

沙特阿拉伯将对商品和服务征收三倍增值税（VAT）2aY~x3JN*G=P%)UVvJIm。从7月1日起，增值税将从5%增至15%N()e#Q4RP1S~Yzd~,。2018年，沙特阿拉伯首次引入增值税OEWjpM-1;DJjgc86r]。政府当局表示，这项重大举措是遏制疫情对经济影响的必要之举uIrvh90Ql[O2E0YYy。此举也是帮助经济的更广泛的紧缩措施之一Tznd,HtbOzCGb。由于疫情导致油价和石油需求大幅下降，这个石油资源丰富的国家的财政受到严重打击6DimLs+&jI(YRMC6+bE。分析师报告称，本年度石油收入与去年同期相比下降近四分之一oDYSPs89(i|+。

为支撑经济，财政部采取的另一项措施是暂停发放生活费津贴fgnH00~R,EpL;uE0)。这是每月支付给州政府雇员的约256美元ytz7.@e8Rw4L9i@v~。引入这项措施是为了帮助抵消价格上涨和汽油价格上涨的影响FHJD3(6.jJ00lHCVOBD。沙特阿拉伯的财政部长说到：“采取这些措施是痛苦的，但为了维持中长期金融和经济的稳定又是必要的......并以最小的损害克服前所未有的冠状病毒危机JbfNWo^EUMwf0=Tb%Y。”海湾地区的一名专家表示：“此举将影响消费，还可能会降低预期收益4okdK@Qlw8Y。这些都是支持紧缩和增加收入的举措，而不是支持经济增长的举措R)vkMT78tSDJ。”