Finance Minister Mohammed Al-Jadaan said that the kingdom will “ultimately” discuss lowering the value-added tax rate, stressing that for the time being we are still trying to make up for the lack of reserves.
“We are in the final stages of designing our financial sustainability policy,” the finance minister added on the sidelines of the World Economic Forum in Davos, according to “Archyde.com”.
He explained that the Kingdom’s policy towards financial sustainability will ensure that reserves do not fall below a certain percentage of GDP.
He stressed that the surplus funds can go to the Public Investment Fund and the National Development Fund, adding: “In the past five years, we spent one trillion riyals of reserves and we are still compensating them.”
