Saudi Arabia’s tax revenue surge fuels 2023 budget growth  

Saudi Arabia’s tax revenue surge fuels 2023 budget growth  

RIYADH: Saudi Arabia experienced an 11 percent increase in non-oil revenues, reaching SR457.73 billion ($122.06 billion) in 2023 compared to 2022, official data showed.  

The growth, primarily driven by increased taxes on income, profits, and capital gains, resulted in a 58 percent surge in these taxes, totaling SR38.64 billion, as reported in the fiscal year 2023 budget performance report released by the Ministry of Finance.  Saudi Arabia’s tax revenue surge fuels 2023 budget growth