Saudi Finance Minister Muhammad Al-Jadaan confirmed in an interview with Al-Arabiya TV that there are currently no changes to the value-added tax or fees for foreign workers.
Al-Jadaan added that the impact of oil price volatility on the budget is declining 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 repay debt, and the State Investment Fund has sufficient liquidity and assets, and SAMA reserves have increased by about 50 billion riyals in 2022,” Al-Jadaan said.
Regarding project spending, Al-Jadaan said, “We have spent about 30 billion riyals on major projects in 2022 and will continue to spend similar amounts on major projects in 2023 and 2024.”
Al-Jadaan indicated that the tax burden on the private sector is 16.8%, which is less than recommended worldwide, and this does not aim to revise the tax burden on the private sector, although it is periodically reviewed.
Al-Jadaan stressed that the economy’s public debt level is much lower than the G20 average.