The Saudi Minister of Finance, Muhammad Al-Jadaan, confirmed in an interview with Al-Arabiya channel that there is no change in the value-added tax or fees for foreign workers currently.
Al-Jadaan added that there is a decline in the impact of oil price volatility on the budget, and that the distribution of the 2022 surplus will take place following the end of the fiscal year.
“No part of this year’s surplus will be employed to repay the debt, and the Public Investment Fund has sufficient liquidity and assets, and SAMA’s reserves increased by regarding 50 billion riyals in 2022,” Al-Jadaan said.
On spending on projects, Al-Jadaan said:We spent regarding 30 billion riyals on major projects in 2022We will continue to spend similar amounts on major projects in 2023 and 2024.
Al-Jadaan pointed out that the tax burden on the private sector is 16.8%, which is less than what is recommended globally, and it is not directed to review the tax burdens on the private sector, although it is studied periodically.
Al-Jadaan stressed that the rate of public debt of the economy is much lower than the average of the Group of Twenty.
