GOSI: “Sanid” Will Stop As Well As The 15% Increase of VAT
The General Organization for Social Insurance (GOSI) is declaring that the financial support for citizens will stop starting this June.
The program called “Sanid” will be stopped, and it is one of the programs to support Saudi citizens financially; the program is designed to face the high prices, especially for citizens with limited income.
The GOSI has funded the retirement program, and it supported small businesses to face the collapse of the economy during the pandemic.
The Saudi Minister of Finance, Mohammed Al-Jadaan, has announced in an earlier time that there will be tough decisions to take, and he mentioned that “Sanid” program would be cut off starting from June 2020. Not only that but also the percentage of VAT will increase from 5% to 15%. This increase in the VAT percentage will directly affect sales and businesses.
This decision was made last May, and it will be effectively applied on this June. All businesses and individuals will be complied with for this increase.
These procedures are part of the financial management that the Saudi government takes to minimize the impact of the pandemic on the economy