Saudi Finance Minister Muhammad Al-Jadaan confirmed, in an interview with Al-Arabiya TV, that there are currently no changes in the value added tax or taxes 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 the surplus of questThe year will be spent repaying the debt, and the Public Investment Fund has sufficient cash and assets, and SAMA’s reserves increased by about 50 billion riyals in 2022,” Al-Jadaan said.
Regarding spending on projects, Al-Jadaan said, “We spent around 30 billion riyals on major projects in 2022 and will continue to spend similar amounts on major 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 pointed out that the economy’s debt ratio is much lower than the media of the Group of Twenty.
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