Just in 9-month, Tax Revenues Rise to SR240 bln

In the performance of the Saudi budget, revenues from various taxes increased by nearly SR240.1 billion, in the first 9 months of the year, compared to roughly SR135 billion, at the same time last year, Ministry of Finance’s quarterly report has shown.

The increase in tax receipts is primarily attributable to the increase in value-added tax to 15% from 5%, as well as the gradual recovery of economic activity, following the Corona pandemic’s effects.

Tax revenues accounted for over 80% of the Saudi budget’s non-oil revenues, in the first nine months of this year, with total non-oil revenues of around SR299.5 billion.

Tax collections on goods and services accounted for about 78% of total tax revenues, with a total value of SR187.75 billion, up from SR95.7 billion, at the same time last year, a more than 100% rise. This is a natural result of the increase in value-added tax.

Tax receipts on income, earnings, and capital gains increased by 12% to almost SR13.9 billion from SR12.4 billion, at the same time last year. Taxes on international commerce and transactions rose by 6% to around SR13 billion, in the first 9 months of this year, compared to around SR12.4 billion at the same time last year.