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Saudi Arabia is ready to implement a region-wide value added tax, the Cabinet said Monday, giving final approval to the measure that will take effect next year.A 5-percent levy will apply to certain goods following a GCC agreement last June.The move is in line with an International Monetary Fund recommendation for Gulf states to impose revenue-raising measures including excise and value added taxes to help their adjustment to lower crude oil prices, which have slowed regional growth.
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