Earlier on 1 July 2020 GAZT had published a decision to increase the VAT rate from 5% to 15%. This decision was made by the government in response to the economic impact of COVID-19 and the decline in revenues from lower oil prices.

On 1 May 2021 — the date that marks the 5th anniversary of Saudi Vision 2030 — the Minister of Finance Muhammad Al-Jadaan announced that a review of…