Wednesday, January 24, 2024
No Income Tax on Individuals in Saudi Arabia, confirms Finance Minister
There will be no personal income tax on individuals in Saudi Arabia, according to the Kingdom's Finance Minister, Mohammed Al-Jadaan. Trending : Saudi Arabia discovers longest cave in Khaybar in Madina region
While speaking at the Davos World Economic Forum in 2024, Mohammed Al Jadaan confirmed the Kingdom's government dedication to its existing financial systems.
- Saudi Arabia is already making good use of its many revenue streams, such as a value-added tax (VAT), income taxes on businesses and international investors, and zakat on the local population.
- These well-established processes will not be changed. As an alternative, the government is working to make the economy more business-friendly by streamlining different procedures, as per the statement which was made by Al Jadaan.
- The minister stressed Saudi Arabia's efforts to diversify its economy into many fields, including logistics, technology, and tourism. Most Viewed : No more 3-Years ban in Saudi Arabia for expats
- Railways and airports are among the logistical initiatives that the country is now working on to improve connectivity across the Kingdom and the world.
- Furthermore, Saudi Arabia is undertaking a number of renewable energy projects that will necessitate large funding, and it is also increasing the capacity of its water treatment facilities to guarantee residents and citizens continuous service.
- In order to pay down its debt, Saudi Arabia has sold $12 billion in bonds. This money will go toward paying down the deficit, which is now around 2% of GDP for the year.
- Major projects will also be funded more quickly by the government. Citing encouraging measures, Al Jadaan expressed optimism regarding the direction of the country's economy. Recommend : Saudi Arabia reduces Domestic Workers recruitment fees for 6 nations
