Saudi tax policies aim to ensure financial sustainability, stimulate growth: Al-Jadaan

Finance Minister Mohammed Al-Jadaan said that Saudi Arabia’s tax policies aim to ensure financial sustainability and stimulate growth rates.

“These policies aim to ensure balance between fiscal and economic goals, in addition to maintaining financial stability in the medium and long-terms to stimulate economic growth,” Al-Jadaan said in his opening speech at the Zakat & Tax Conference which kicked off today in Riyadh.

Fiscal policies, whether in terms of revenue or expenditure, represent one of the key drivers of the non-oil sector growth, Al-Jadaan said, highlighting the significant importance of ensuring balance between revenue scale and targeted activities expenditure.

“Saudi Arabia eyes clear, easy tax management to enhance collection and cost-efficiency,” Al-Jadaan noted.

Al-Jadaan also indicated that Saudi Arabia is undergoing economic and social transformations to ensure economic diversification and sustainable growth in line with Vision 2030.

The Kingdom implemented a number of fiscal and structural reforms to diversify sources of income, create jobs and boost investments, he added.

The 2020 pre-budget statement focused on public revenue growth, and limiting cash flow volatility to maintain financial planning and mitigate the impact of oil price fluctuations.

“Saudi Vision 2030 has started to pay off, driven by the diversification of income sources and the positive impact of reforms,” he stressed.