Riyadh to host first Global Cybersecurity Forum

Updated 22 October 2019

Riyadh to host first Global Cybersecurity Forum

  • The discussions will aim to strengthen international collaboration to create a secure and prosperous cyberworld

RIYADH: The National Cybersecurity Authority on Monday said it will host the first Global Cybersecurity Forum, which will be patronized by King Salman.
The two-day event will take place in February 2020 in Riyadh. It will bring together decision-makers and experts from government, business and academia, as well as investors and representatives of international organizations to address cyber-opportunities, challenges, threats and risks.
The discussions will aim to strengthen international collaboration to create a secure and prosperous cyberworld.


Saudi VAT revenues hit SR46.7bn in a year: Finance minister

Updated 52 min 44 sec ago

Saudi VAT revenues hit SR46.7bn in a year: Finance minister

  • Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax
  • Said Kingdom was working to reach a consensual solution for tax challenges

RIYADH: Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom’s finance minister.

Mohammed Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax (GAZT) conference and exhibition.

“The commitment rate came at 90 percent, exceeding all the expectations of GAZT and some international organizations that ranged between 60 and 70 percent,” he said.

“The conference comes as the Kingdom is witnessing an economic and social transformation under the leadership of King Salman and Crown Prince Mohammed bin Salman to achieve a diverse economy and sustainable growth in line with the Kingdom’s 2030 vision.

“The Kingdom’s fiscal policy aims to achieve a balance between the state’s financial and economic objectives. It seeks to maintain financial sustainability for the medium and long terms, which stimulates economic growth rates. This generates from our recognition that fiscal policies are one of the most important drivers of growth in the non-oil sector,” he added.

“The digital economy is rapidly advancing. We hope that modern technologies such as artificial intelligence and blockchains will improve compliance with zakat and taxes, enrich the business sector, lower costs, promote tax transparency and develop e-commerce tax regulations.

“This conference will hopefully achieve a qualitative leap in the sectors of zakat and taxes by promoting cooperation and exchanging experiences.”

Al-Jadaan said that as the Kingdom prepared to host the next G20 summit, it was working to reach a consensual solution for tax challenges of the digital economy and contribute with other member states to stabilizing the global economy.