Saudi Arabia’s VAT tax is expected to decrease to five percent

SourceAl Arabiya
SectorEconomy
CountrySaudi Arabia

Finance Minister Mohammed al-Jadaan explained that a review of Saudi Arabia’s value-added tax rate will take place after achieving several targets, noting that the tax rate currently stands at 15 percent and it is expected to decrease to 5 percent in a period ranging between one and 5 years.

Al-Jadaan confirmed that the restructuring of the budget, and the savings achieved from raising the efficiency of public spending amounting to 400 billion riyals over the past 4 years, are important aspects of the achievements of Saudi Vision 2030 in the fifth year of the implementation of the vision.

For the latest headlines, follow our Google News channel online or via the app.

Al-Jadaan’s speech occurred during a dialog session held by 4 ministers responsible for the vision programs on Saturday evening, on the 5-year passage of Saudi Vision 2030, which constituted a new era in economic construction.

Al-Jadaan added that the state has multiple sources of funding, including debt, reserves, and wealth in...read more...