Saudi finance minister Mohammed al-Jadida cites value-added tax in 2020
Rumors have been circulating in Saudi Arabia over the past few days that the value-added tax will be increased at the beginning of 2020, which will put the inflationary burden on the public and increase prices of food and beverages. However, Saudi Arabia’s finance minister Mohammad al-Qaeda’s explanation has come out in this regard. Mohammad Al-Majid has made it clear that there is no possibility of a value-added tax hike in 2020.
Addressing a seminar titled Euro Money Launch 2019 in Riyadh, according to the Mecca newspaper, he said that the recent attacks on oil installations will not affect Aramco’s budget and will not affect the country’s economic and financial There will be no adverse effects on the condition. He further said that Saudi Arabia’s national monetary policy has been set in the best way, with the aim of taking the country’s economic and social development to heights.
This national monetary policy has been formulated with the idea of achieving the vision target of 2030. The Saudi economy is currently on the path to improvement. Compared to last year, this year’s fiscal deficit is significantly lower. However, revenue from sources other than petrol has increased by 14.4 percent this year compared to 2018 and is expected to increase by 3 percent by the end of this year. On the other hand, foreign investment in the Saudi market has also increased significantly, with a volume of 76 billion recorded this year. Trade licenses have been issued to 18 new international companies this year, and the quality of services in the private sector has also increased.