In October, the IMF released a report projecting that by 2020 Saudi Arabia may get a budget boost of more than $90 billion from new taxes and the planned reform of fuel subsidies and prices. This fiscal boost is expected to come as a result of the Kingdom’s efforts to restructure its economy, away from oil to improve its income statement after a plunge in crude prices triggered a budget deficit of more than 16% of GDP last year. According to the IMF’s calculations, non-oil revenue from a value-added tax and excises on tobacco and energy drinks is forecast to reach…
Higher Oil Prices Slowing Saudi Reform?
Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk