In a sign of continued recovery.. Saudi budget H1 2023: Tax ‎revenues rose to 32% to recorded SR190.5 billion ‎

The quarterly report on the performance of the Saudi budget during the second quarter, issued by the Ministry of Finance today, revealed that revenues on income, profits, and capital gains jumped 66% in the first half of this year, to record about 23.9 billion riyals, compared to about 14.34 billion riyals for the same period last year. In a new indication of the continued recovery of the Saudi economy

The report data shows that the total tax proceeds during the first half of this year recorded about 190.6 billion riyals, compared to 172.5 billion riyals for the same period last year, an increase of 18.1 billion riyals, an increase of 10.5%, which shows the growth in economic activity during the 6 months. The first of this year compared to the same period last year

According to the data, tax revenues in the first 6 months of this year accounted for about 32% of the total revenues of the Saudi budget, which amounted to 595.8 billion riyals, as tax revenues represented about 80.2% of the total non-oil revenues, which amounted to 237.4 billion riyals during the first half. The first of this year, compared to 214.2 billion riyals for the same period last year, an increase of 11%.

Tax revenues from goods and services increased by 4% during the first half of this year, to reach 129.2 billion riyals, compared to 124.6 billion riyals for the same period last year, as tax revenues from goods and services represent the largest part of tax revenues, with a share of 67.7%. It represents 54.4% of non-oil revenues.