Saudi Budget 2023: Estimates of tax revenues will rise to SR322 ‎bln, equivalent to 28.5% of total revenues‎

The estimated budget for Saudi Arabia in 2023, issued by the Ministry of Finance a while ago, revealed an estimate of achieving tax revenues amounting to 322 billion riyals during the year 2023, an increase of 2.2% compared to the estimates for the current year 2022, in which it recorded about 315 billion riyals.

According to the data, tax revenues will constitute 28.5% of the total revenues of the Saudi budget for the next year 2023, which was estimated at 1.13 trillion riyals.

Taxes on goods and services topped the list of tax revenues with a value of 254 billion riyals, an increase of 3.7% over the current year 2022, as they accounted for the largest proportion of tax revenues by about 79%.

Taxes on income, profits, and capital gains came in second place, with revenues of 22 billion riyals, which is the same as expected for the current year, followed by taxes on trade and international transactions, which were estimated at about 18 billion riyals, which is the same expected for the current year, while other tax estimates amounted to 28 billion riyals, down from the expected 30 billion riyals for the current year.