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