Despite Saudi growth .. Tax revenues down SR13.4 bln to 226.7 ‎within 9 months bln, 23.8% of total revenues.‎

The quarterly performance report of the Saudi budget, issued today by the Ministry of Finance, revealed that the Saudi budget achieved tax revenues of about 226.7 billion riyals during the first 9 months of this year, representing about 23.8% of the total budget revenues, and about 79% of non-oil revenues which amounted to about 287.1 billion riyals.

The report’s data show a decrease in the total tax revenues during the first 9 months of this year by about 13.4 billion riyals, or 5.6%, where the same period last year recorded about 240.1 billion riyals.

According to the report, taxes on goods and services account for the largest share of tax revenues with a value of 169.5 billion riyals during the first 9 months of this year, representing 75% of tax revenues, despite its decrease from 187.8 billion riyals for the same period of the past year.

The decline in tax revenues on goods and services came despite the strong growth of the Saudi economy this year, which reached its highest estimates of 8.3% according to the World Bank, 8% according to the Ministry of Finance and 7.6% according to the International Monetary Fund, to come at the forefront of the world’s economies in terms of Growth rate during 2022.

The data show that only the third quarter witnessed a decrease in taxes on goods and services by 32% to record about 44.8 billion riyals, down from 66 billion riyals for the same period last year. This decrease is attributed to the travel of a large number of Saudis during the summer vacation after they The Corona pandemic prevented travel during 2020 and 2021.

Taxes on income, profits and capital gains recorded about 17.7 billion riyals during the first 9 months of this year, up from 13.9 billion riyals for the same period last year, an increase of 27%.