- Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax
- Said Kingdom was working to reach a consensual solution for tax challenges
RIYADH: Saudi VAT revenues have hit SR46.7 billion ($12.45 billion), a significant increase on estimates for the fiscal year, according to the Kingdom鈥檚 finance minister.
Mohammed Al-Jadaan announced the figures during the first edition of the General Authority for Zakat and Tax (GAZT) conference and exhibition.
鈥淭he commitment rate came at 90 percent, exceeding all the expectations of GAZT and some international organizations that ranged between 60 and 70 percent,鈥� he said.
鈥淭he conference comes as the Kingdom is witnessing an economic and social transformation under the leadership of King Salman and Crown Prince Mohammed bin Salman to achieve a diverse economy and sustainable growth in line with the Kingdom鈥檚 2030 vision.
鈥淭he Kingdom鈥檚 fiscal policy aims to achieve a balance between the state鈥檚 financial and economic objectives. It seeks to maintain financial sustainability for the medium and long terms, which stimulates economic growth rates. This generates from our recognition that fiscal policies are one of the most important drivers of growth in the non-oil sector,鈥� he added.
鈥淭he digital economy is rapidly advancing. We hope that modern technologies such as artificial intelligence and blockchains will improve compliance with zakat and taxes, enrich the business sector, lower costs, promote tax transparency and develop e-commerce tax regulations.
鈥淭his conference will hopefully achieve a qualitative leap in the sectors of zakat and taxes by promoting cooperation and exchanging experiences.鈥�
Al-Jadaan said that as the Kingdom prepared to host the next G20 summit, it was working to reach a consensual solution for tax challenges of the digital economy and contribute with other member states to stabilizing the global economy.