Ministry of Finance seeks public input on government revenue draft bylaws

The Ministry of Finance

The Ministry of Finance published on March 6 the government revenue draft bylaws, seeking public input until April 5.

The draft aims to update the government revenue bylaws to keep pace with the current changes and developments witnessed by the Saudi economy in light of Vision 2030. These changes are related to the diversity of non-oil revenue sources and the relevant issued orders and decisions, which requires law restructuring in line with the international best practices.

Under this draft, revenue streams include natural resources; charges and taxes; financial consideration/ wages; privatization proceeds; finance proceeds; investment proceeds; sales, penalties and fines, sale and lease of the state’s properties; donations, grants, settlements and Awqaf proceeds, damages, Zakat and any other revenue source approved by the Cabinet or any other regulatory instrument.

Competent authorities are required to collect revenues on time using the methods stated in the bylaws.

The draft bylaw states that the state’s debt will be senior and will be prioritized for repayment.

Other articles in the draft state that a committee will be formed to study requests for dropping or installing debts, and submitting recommendations in this regard to the minister.

The minister can partially or wholly waive only debts of less than SAR 1 million, based on the applicable rules and regulations.

Debts of more than SAR 1 million can be waived only when approved by the Prime Minister.

Meanwhile, Article 22 of the draft stipulates that debts arising from crimes may not be waived, unless approved by the Prime Minister.