Finance Minister Muhammad Al Jad’an said that the value added tax and the levy imposed on foreign workers will remain unchanged in Saudi Arabia. The minister also said that 30 billion riyals have been spent on mega projects this year.
A surplus of 102 billion riyals was achieved in the current financial year. A surplus of 16 billion riyals is expected in the 2023 budget presented yesterday. Finance Minister Muhammad Al Jad’an was responding to the question whether there will be a change in levy and VAT in this situation.
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30 billion riyals will be spent on mega projects in 2023 and 2024, as in the current year. The change in oil prices had an impact on the budget. But this year, such impacts were felt less. The Saudi Public Investment Fund has an excellent base and assets. Reserves of the central bank rose to 50 billion riyals. Saudi Arabia’s public debt is lower than the average of G20 countries, said Finance Minister Mohammad Al-Jadaan.
Story Highlights: VAT and levy on foreign workers will continue in Saudi Arabia
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