'It looked like Black Friday' — Saudis stockpiled ahead of sales tax jump as triple shock hits economy [CNBC]
Nomura Holdings Inc ADR American Depositary Shares (NMR)
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Source: CNBC
VIDEO1:5801:58's latest VAT hike a 'triple whammy' for country: CEOCapital ConnectionCitizens across poured into stores once coronavirus lockdown restrictions were lifted in June, hoping to save money on non-perishable goods from food and clothing to electronics and cars ahead of the kingdom's tripling of its value-added tax, or VAT.Riyadh announced the levy — which increased from 5% to 15% on July 1 — in May as a means of boosting state revenue as oil prices plummeted as the pandemic lockdowns battered the economy. But it could hurt consumer recovery, some experts say, warning that the jump in spending of the last month could come to a screeching halt through the rest of the summer and into the fall."People attacked the malls and shopping centers. It looked like Black Friday sales," Ali Almarri, a business owner living in the eastern city of Khobar, told CNBC. Almarri wanted to buy a new car before the tax increase set in, only to find that cars were completely sold out at every dea
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- 4/12/24 - Form 6-K/A
- NMR's page on the SEC website