Saudi Gazette report
RIYADH — Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan said that there is no change in the value-added tax (VAT) or fee for expatriate workers at present.
In an interview with Al-Arabiya Television, Al-Jadaan stated that there is a decline in the impact of oil price volatility on the budget, and that the distribution of the 2022 budget surplus will take place only after the end of the fiscal year.
“No portion of this year’s surplus will be used to repay public debt. The Public Investment Fund has sufficient liquidity and assets while SAMA’s reserves are increased by about SR50 billion in 2022,” he said.
Regarding the spending on projects, Al-Jadaan said: “We have spent about SR30 billion on major projects in 2022, and we will continue to spend similar amounts on major projects in 2023 and 2024.”
The minister noted that the tax burden on the private sector is 16.8 percent, which is less than what is recommended globally, and there is no directive to review the tax burdens on the private sector, although it is studied periodically.
“The rate of public debt of the Saudi economy is much lower than its average in G20 countries,” he added.