According to Mohammed Al-Jadaan, Saudi Arabia's Minister of Finance, there is no change to the value-added tax (VAT) or expatriate worker levy.
Al-Jadaan told Al-Arabiya Television that oil price volatility has decreased and that the state budget surplus will be distributed after the fiscal year ends in 2022.
This year's surplus will not be used to repay public debt. In 2022, SAMA's reserves increased by about SR50 billion, while the Public Investment Fund has sufficient liquidity and assets.
Regarding project spending, 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.”
According to the minister, 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 this even though it is periodically reviewed.
Saudi public debt is much lower than the average for G20 countries,” he said.
