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

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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. (SPA)
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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. (SPA)
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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. (SPA)
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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. (SPA)
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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. (SPA)
Updated 14 November 2019

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.


Pregnant women in Saudi Arabia warned to take special care during pandemic

Updated 14 min 3 sec ago

Pregnant women in Saudi Arabia warned to take special care during pandemic

  • The ministry’s recommendations come as many have expressed concerns about the impact of the infection on their health

JEDDAH: Pregnant women have been told to take special care in following precautionary measures related to the COVID-19 pandemic, the Saudi Ministry of Health has cautioned, as they are thought to be particularly at risk from complications.

The ministry’s recommendations come as many have expressed concerns about the impact of the infection on their health. The ministry has reiterated the importance of practicing hand hygiene, maintaining social distancing to limit the spread of the virus and wearing a mask in public at all times, especially in areas where it's hard to observe social distancing.

The ministry announced a total of 3,036 new cases of in the Kingdom on Wednesday, bringing to 220,144 the number of people in Saudi Arabia have now contracted the disease.

There were 60,035 active cases, 2,263 of them critical.

37 percent of the newly announced cases are female, 63 percent are male. Of those infected, 86 percent were adults of working age, 5 percent were over 65 and 9 percent were children.

3,211 new recovered cases have been announced, taking the total number of recoveries to 158,050, while 42 new deaths were reported, raising the death toll to 2,059.

The ministry urges everyone to use the self-assessment service in the “Mawid” application or to visit Tataman clinics that have been set up by the ministry for those who feel they are displaying COVID-19 symptoms; there are 237 such clinics.

It also recommends calling 937, its central operator, for consultations and inquiries around the clock.