Cash obtained from crackdown on corruption will be spent of welfare activities: Saudi Arabia

Cash obtained from crackdown on corruption will be spent of welfare activities: Saudi Arabia
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Riyadh: Saudi Finance Minister Mohammed al-Jadaan said that 2018 will be the year of positive changes. Development has begun. Economic activities have taken a start. He said that cash settlements obtained from people detained in Saudi Arabia’s crackdown on corruption will help to finance a 50 billion riyal ($13.3 billion) package to help citizens cope with the rising cost of living, Finance Minister Mohammed al-Jadaan said on Wednesday, while speaking to Al Arabiya television at the World Economic Forum in Davos.

Regarding Value Added Tax Al-Jadaan said it doesn’t aim at amassing money but has other objectives. He hoped that all countries of GCC will implement the VAT.

Al-Jadaan informed that the Kingdom has announced a package for private companies, which will increase employment opportunities. He said the package would also be financed by money from the state budget.