Saudi Arabia's finance minister, Mohammed al-Jadaan, said on April 9 that citizens would not pay taxes on income and Saudi companies would not see their profits taxed under sweeping economic reforms being introduced in the oil-rich kingdom. The collapse in oil prices after mid- 2014 has pushed Saudi Arabia to contemplate a radical overhaul of all parts of its economy, including new taxes, privatizations, a changed investment strategy, and sharp cuts in government spending. Saudis currently do not pay any income tax, nor are Saudi companies taxed on their profits. He also said a value-added tax planned for 2018 would "not be raised above 5 percent before 2020". The six Arab monarchies of the Gulf Cooperation Council are aiming to introduce a 5-percent value-added tax at the start of next year to raise non-oil revenues. But economists and officials in some countries have said privately that simultaneous introduction in all countries may not be feasible.