Finance Minister Muhammad Al Jad’an said the value added tax and levy imposed on foreign workers would remain unchanged in Saudi Arabia. The minister also said that 30 billion riyals were spent on mega-projects this year.
A surplus of 102 billion riyals was realized in the current financial year. In the 2023 budget presented yesterday, a surplus of 16 billion riyals is expected. Finance Minister Muhammad Al Jad’an responded to the question of whether there will be a change in levy and VAT in this situation.
Read also: China moves to strengthen ties with Gulf countries; Xi Jinping has arrived in Saudi Arabia
30 billion riyals will be spent on mega projects in 2023 and 2024, as in the current year. The change in the price of oil has had an impact on the balance sheet. But this year, those impacts were felt the least. The Saudi Public Investment Fund has an excellent foundation and assets. Central bank reserves have risen to 50 billion riyals. Saudi Arabia’s public debt is lower than the average for G20 countries, Finance Minister Mohammad Al-Jadaan said.
Highlights of the story: The VAT and foreign workers levy will continue in Saudi Arabia
SUBSCRIBE TO OUR CHANNEL ▶️ YOUTUBE 🕐 🕐 Anytime 🚀 Augmented Reality Packs & Explanations 🚀 Augmented Reality Packs & 🔍 Explanations 🕐 from anywhere in the world 👉
