2024 Saudi Budget: Deficit, Tax, and Vision 2030 Projects

2023-12-06 18:51:46

The cabinet has approved the Saudi budget for 2024, which is expected to have a deficit of 79 billion riyals. The Minister of Finance said that the reason for the deficit budget is the increased spending of money on big projects in Saudi Arabia. He also stated that there will be no change in the 15 percent tax in Saudi Arabia.

The income is one thousand one hundred and seventy one billion Rials and the expenditure is 1251 billion Rials. The deficit is 79. This is the abbreviation of the Saudi budget. The Saudi finance minister said in a press conference following the budget that the Saudi economy is on the right track as it moves towards Vision 2030, which was a surplus budget until last year, and decided to spend more money on large projects.

18 percent of Saudi GDP revenue comes from VAT. This alone will not reduce the tax. At the same time, there will be more spending aimed at the success of the tourism sector. More money will also be spent on infrastructure development targeting Expo 2030, World Cup and various sports events. This will be the case for the next three years.

The budget was approved and signed by Saudi ruler King Salman. Crown Prince Mohammed bin Salman also said that Saudi Arabia is moving towards the best future.

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